Rocket Pharmaceuticals (NASDAQ:RCKT) Posts Quarterly Earnings Results

Rocket Pharmaceuticals (NASDAQ:RCKT) posted its earnings results on Thursday. The biotechnology company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.03), Zacks reports.

Rocket Pharmaceuticals Price Performance

Shares of RCKT traded down $0.04 during mid-day trading on Friday, reaching $2.35. 665,233 shares of the stock traded hands, compared to its average volume of 2,445,871. The company has a market cap of $258.53 million, a price-to-earnings ratio of -13.79 and a beta of 0.51. Rocket Pharmaceuticals has a 1 year low of $2.16 and a 1 year high of $5.45. The firm has a fifty day moving average price of $2.74 and a 200 day moving average price of $3.40. The company has a current ratio of 9.24, a quick ratio of 9.24 and a debt-to-equity ratio of 0.05.

Insider Activity

In related news, General Counsel Martin Wilson sold 75,364 shares of Rocket Pharmaceuticals stock in a transaction on Friday, September 11th. The stock was sold at an average price of $3.40, for a total transaction of $256,237.60. Following the completion of the sale, the general counsel owned 598,489 shares of the company’s stock, valued at approximately $2,034,862.60. This trade represents a 11.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 83,160 shares of company stock valued at $277,472 in the last quarter. Company insiders own 21.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RCKT shares. Needham & Company LLC upgraded Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price objective on the stock in a research note on Wednesday, September 16th. Wall Street Zen upgraded Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, August 17th. Wedbush restated an “outperform” rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 7th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Rocket Pharmaceuticals in a report on Wednesday, October 7th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $2.95 price target on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Rocket Pharmaceuticals presently has an average rating of “Hold” and a consensus price target of $7.77.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc. is a biotechnology company developing gene therapies for rare, serious diseases, with a focus on inherited disorders that often affect children. Its research programs use lentiviral and adeno-associated viral (AAV) vector technologies to deliver therapeutic genes to patients’ cells. The company’s pipeline has included programs targeting conditions such as Fanconi anemia, leukocyte adhesion deficiency-I, pyruvate kinase deficiency, Danon disease and arrhythmogenic cardiomyopathy.