Rocket Pharmaceuticals (NASDAQ:RCKT) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Rocket Pharmaceuticals (NASDAQ:RCKT) from a hold rating to a sell rating in a research report sent to investors on Sunday.

Several other research firms also recently weighed in on RCKT. Chardan Capital reiterated a “buy” rating and set a $11.00 target price on shares of Rocket Pharmaceuticals in a research report on Monday, May 11th. Weiss Ratings upgraded Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of “Hold” and a consensus target price of $8.57.

Rocket Pharmaceuticals Stock Down 3.8%

RCKT opened at $3.50 on Friday. The firm’s 50 day simple moving average is $3.35 and its two-hundred day simple moving average is $3.61. The company has a market capitalization of $382.17 million, a PE ratio of -20.59 and a beta of 0.47. Rocket Pharmaceuticals has a 1-year low of $2.53 and a 1-year high of $5.45. The company has a current ratio of 6.12, a quick ratio of 6.12 and a debt-to-equity ratio of 0.08.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.22. During the same quarter in the prior year, the company posted ($0.62) EPS. As a group, equities analysts forecast that Rocket Pharmaceuticals will post -1.16 EPS for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 55,684 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $3.09, for a total value of $172,063.56. Following the completion of the sale, the chief executive officer directly owned 1,061,724 shares of the company’s stock, valued at $3,280,727.16. This represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 59,139 shares of company stock valued at $182,463 in the last three months. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several large investors have recently made changes to their positions in RCKT. AQR Capital Management LLC raised its stake in Rocket Pharmaceuticals by 148.4% during the 1st quarter. AQR Capital Management LLC now owns 163,622 shares of the biotechnology company’s stock valued at $1,091,000 after purchasing an additional 97,758 shares during the period. Millennium Management LLC boosted its stake in Rocket Pharmaceuticals by 121.8% in the 1st quarter. Millennium Management LLC now owns 747,147 shares of the biotechnology company’s stock worth $4,983,000 after purchasing an additional 410,238 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Rocket Pharmaceuticals in the 1st quarter worth approximately $189,000. Goldman Sachs Group Inc. grew its holdings in Rocket Pharmaceuticals by 24.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 995,690 shares of the biotechnology company’s stock valued at $6,641,000 after buying an additional 192,905 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Rocket Pharmaceuticals by 1.8% during the second quarter. Geode Capital Management LLC now owns 2,030,891 shares of the biotechnology company’s stock valued at $4,976,000 after buying an additional 36,847 shares during the last quarter. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

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.