Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Gap Down After Analyst Downgrade

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares gapped down before the market opened on Friday after Needham & Company LLC lowered their price target on the stock from $53.00 to $52.00. The stock had previously closed at $21.43, but opened at $19.00. Needham & Company LLC currently has a buy rating on the stock. Rocket Pharmaceuticals shares last traded at $18.67, with a volume of 302,016 shares traded.

RCKT has been the topic of several other research reports. William Blair reissued an “outperform” rating on shares of Rocket Pharmaceuticals in a report on Monday, June 3rd. UBS Group lowered their price target on shares of Rocket Pharmaceuticals from $56.00 to $54.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Finally, The Goldman Sachs Group began coverage on shares of Rocket Pharmaceuticals in a research report on Tuesday, April 2nd. They issued a “neutral” rating and a $39.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.13.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, insider John Militello sold 1,079 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $23.35, for a total transaction of $25,194.65. Following the sale, the insider now directly owns 53,327 shares in the company, valued at approximately $1,245,185.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Rocket Pharmaceuticals news, insider John Militello sold 1,079 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $23.35, for a total transaction of $25,194.65. Following the completion of the transaction, the insider now directly owns 53,327 shares of the company’s stock, valued at approximately $1,245,185.45. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gaurav Shah sold 9,790 shares of Rocket Pharmaceuticals stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $23.35, for a total value of $228,596.50. Following the transaction, the chief executive officer now owns 728,069 shares in the company, valued at $17,000,411.15. The disclosure for this sale can be found here. Insiders sold 105,282 shares of company stock worth $2,551,801 in the last 90 days. Corporate insiders own 31.10% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. Annandale Capital LLC bought a new stake in shares of Rocket Pharmaceuticals in the 3rd quarter worth approximately $66,000. Tower Research Capital LLC TRC increased its holdings in shares of Rocket Pharmaceuticals by 105.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,557 shares of the biotechnology company’s stock valued at $107,000 after buying an additional 1,829 shares in the last quarter. Old Well Partners LLC acquired a new stake in shares of Rocket Pharmaceuticals during the 4th quarter valued at $200,000. Capstone Investment Advisors LLC bought a new stake in shares of Rocket Pharmaceuticals during the 4th quarter worth $217,000. Finally, Amalgamated Bank grew its holdings in shares of Rocket Pharmaceuticals by 5.4% in the 4th quarter. Amalgamated Bank now owns 8,653 shares of the biotechnology company’s stock worth $259,000 after acquiring an additional 440 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors.

Rocket Pharmaceuticals Stock Up 0.5 %

The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -7.50 and a beta of 1.08. The company has a quick ratio of 10.47, a current ratio of 10.47 and a debt-to-equity ratio of 0.04. The business has a 50-day moving average price of $22.39 and a 200-day moving average price of $26.00.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Monday, May 6th. The biotechnology company reported ($0.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.67) by $0.01. During the same period last year, the company posted ($0.73) EPS. As a group, equities analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.85 earnings per share for the current fiscal year.

Rocket Pharmaceuticals Company Profile

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.