Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Down 4.5% – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price was down 4.5% on Thursday . The stock traded as low as $12.74 and last traded at $12.77. Approximately 229,809 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 812,543 shares. The stock had previously closed at $13.37.

Analyst Ratings Changes

Several research firms have commented on RCKT. Canaccord Genuity Group reiterated a “buy” rating and set a $39.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Chardan Capital reiterated a “buy” rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Monday, November 18th. Scotiabank initiated coverage on Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.00.

Rocket Pharmaceuticals Trading Down 8.2 %

The business’s 50-day moving average price is $15.79 and its 200-day moving average price is $19.04. The firm has a market capitalization of $1.12 billion, a PE ratio of -4.56 and a beta of 1.01. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 11,091 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $13.05, for a total value of $144,737.55. Following the transaction, the chief executive officer now directly owns 707,328 shares in the company, valued at approximately $9,230,630.40. This trade represents a 1.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have sold 13,490 shares of company stock valued at $176,045. Insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its stake in shares of Rocket Pharmaceuticals by 31.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after acquiring an additional 764 shares during the period. EFG Asset Management North America Corp. boosted its holdings in Rocket Pharmaceuticals by 47.0% in the 2nd quarter. EFG Asset Management North America Corp. now owns 222,046 shares of the biotechnology company’s stock valued at $4,780,000 after purchasing an additional 71,044 shares in the last quarter. Bank of New York Mellon Corp increased its position in Rocket Pharmaceuticals by 10.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 239,877 shares of the biotechnology company’s stock worth $5,165,000 after purchasing an additional 22,521 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Rocket Pharmaceuticals by 30.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,092 shares of the biotechnology company’s stock worth $368,000 after buying an additional 3,995 shares in the last quarter. Finally, Privium Fund Management B.V. lifted its holdings in shares of Rocket Pharmaceuticals by 6.8% in the 2nd quarter. Privium Fund Management B.V. now owns 250,980 shares of the biotechnology company’s stock valued at $4,964,000 after buying an additional 15,930 shares during the period. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a late-stage biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia.