Rocket Pharmaceuticals (NASDAQ:RCKT) Posts Earnings Results, Misses Estimates By $0.01 EPS

Rocket Pharmaceuticals (NASDAQ:RCKT) posted its quarterly earnings results on Thursday. The biotechnology company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.01), Zacks reports. During the same period in the prior year, the company posted ($0.56) earnings per share.

Rocket Pharmaceuticals Price Performance

NASDAQ RCKT traded down $0.04 during trading hours on Friday, hitting $3.63. The company had a trading volume of 3,682,797 shares, compared to its average volume of 2,125,075. Rocket Pharmaceuticals has a 52 week low of $2.19 and a 52 week high of $7.39. The firm has a 50 day simple moving average of $4.09 and a 200 day simple moving average of $3.69. The company has a debt-to-equity ratio of 0.07, a quick ratio of 6.38 and a current ratio of 6.38. The firm has a market capitalization of $396.11 million, a price-to-earnings ratio of -1.94 and a beta of 0.52.

Insider Activity

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 12,279 shares of the firm’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,643.49. Following the completion of the transaction, the chief executive officer owned 1,052,045 shares in the company, valued at $3,482,268.95. This trade represents a 1.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Martin Wilson sold 12,253 shares of Rocket Pharmaceuticals stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,557.43. Following the sale, the general counsel owned 683,376 shares of the company’s stock, valued at approximately $2,261,974.56. This trade represents a 1.76% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 29,415 shares of company stock valued at $97,398. 21.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Large investors have recently modified their holdings of the company. Barclays PLC increased its stake in Rocket Pharmaceuticals by 2.4% in the 4th quarter. Barclays PLC now owns 153,049 shares of the biotechnology company’s stock worth $537,000 after purchasing an additional 3,656 shares during the period. CANADA LIFE ASSURANCE Co increased its stake in Rocket Pharmaceuticals by 94.4% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 5,926 shares during the period. Quadrant Capital Group LLC increased its stake in Rocket Pharmaceuticals by 44.0% in the 4th quarter. Quadrant Capital Group LLC now owns 23,096 shares of the biotechnology company’s stock worth $81,000 after purchasing an additional 7,056 shares during the period. Raymond James Financial Inc. increased its stake in Rocket Pharmaceuticals by 5.9% in the 3rd quarter. Raymond James Financial Inc. now owns 129,858 shares of the biotechnology company’s stock worth $423,000 after purchasing an additional 7,188 shares during the period. Finally, Dynamic Technology Lab Private Ltd increased its stake in Rocket Pharmaceuticals by 23.9% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 38,110 shares of the biotechnology company’s stock worth $134,000 after purchasing an additional 7,350 shares during the period. 98.39% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Weiss Ratings upgraded shares of Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, April 24th. Chardan Capital reiterated a “buy” rating and set a $11.00 target price on shares of Rocket Pharmaceuticals in a research report on Friday, March 27th. Lifesci Capital upgraded shares of Rocket Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, February 26th. Bank of America increased their target price on shares of Rocket Pharmaceuticals from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Monday, March 30th. Finally, Wall Street Zen downgraded Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday, March 8th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $11.54.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.