JPMorgan Chase & Co. Decreases Position in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

JPMorgan Chase & Co. reduced its stake in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) by 4.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 556,552 shares of the biotechnology company’s stock after selling 23,186 shares during the quarter. JPMorgan Chase & Co. owned 0.61% of Rocket Pharmaceuticals worth $10,280,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RCKT. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Rocket Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock valued at $61,000 after purchasing an additional 582 shares during the period. Values First Advisors Inc. acquired a new stake in Rocket Pharmaceuticals during the 3rd quarter valued at $108,000. SG Americas Securities LLC purchased a new stake in Rocket Pharmaceuticals during the 3rd quarter worth $113,000. XTX Topco Ltd acquired a new position in Rocket Pharmaceuticals in the 3rd quarter worth $286,000. Finally, Verition Fund Management LLC acquired a new position in Rocket Pharmaceuticals in the 3rd quarter worth $290,000. 98.39% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Gaurav Shah sold 11,091 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $13.05, for a total transaction of $144,737.55. Following the completion of the transaction, the chief executive officer now directly owns 707,328 shares in the company, valued at $9,230,630.40. This represents a 1.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 13,490 shares of company stock worth $176,045 over the last quarter. 28.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RCKT shares. Leerink Partners lowered their target price on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. Needham & Company LLC restated a “buy” rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Scotiabank began coverage on Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 target price on the stock. Wedbush began coverage on shares of Rocket Pharmaceuticals in a research report on Monday, December 30th. They set an “outperform” rating and a $32.00 price target for the company. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $39.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.27.

Rocket Pharmaceuticals Stock Down 5.5 %

Shares of NASDAQ:RCKT opened at $11.14 on Monday. The company’s fifty day moving average is $13.49 and its two-hundred day moving average is $17.46. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. Rocket Pharmaceuticals, Inc. has a 1-year low of $10.88 and a 1-year high of $31.47. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -4.05 and a beta of 1.01.

Rocket Pharmaceuticals 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.