Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Down 5.7%

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price dropped 5.7% during mid-day trading on Tuesday . The company traded as low as $18.66 and last traded at $18.66. Approximately 216,947 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 757,124 shares. The stock had previously closed at $19.78.

Analysts Set New Price Targets

A number of analysts have recently weighed in on RCKT shares. Canaccord Genuity Group dropped their price target on Rocket Pharmaceuticals from $49.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Chardan Capital reaffirmed a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. William Blair reaffirmed an “outperform” rating on shares of Rocket Pharmaceuticals in a research note on Monday, June 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, September 17th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.29.

Rocket Pharmaceuticals Trading Down 4.2 %

The company has a quick ratio of 7.79, a current ratio of 7.79 and a debt-to-equity ratio of 0.05. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of -6.50 and a beta of 1.09. The business’s fifty day moving average is $20.56 and its two-hundred day moving average is $22.42.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results on Monday, August 5th. The biotechnology company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.02). During the same period in the previous year, the business earned ($0.82) EPS. Equities analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Mark Andrew White sold 3,026 shares of Rocket Pharmaceuticals stock in a transaction on Monday, July 8th. The shares were sold at an average price of $20.39, for a total transaction of $61,700.14. Following the transaction, the insider now directly owns 72,220 shares of the company’s stock, valued at $1,472,565.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 31.10% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in RCKT. Nisa Investment Advisors LLC lifted its position in Rocket Pharmaceuticals by 31.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock valued at $68,000 after acquiring an additional 764 shares in the last quarter. Old Well Partners LLC acquired a new stake in shares of Rocket Pharmaceuticals in the fourth quarter valued at approximately $200,000. Capstone Investment Advisors LLC bought a new position in shares of Rocket Pharmaceuticals during the 4th quarter worth approximately $217,000. Dana Investment Advisors Inc. increased its holdings in shares of Rocket Pharmaceuticals by 4.4% during the 2nd quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock worth $298,000 after acquiring an additional 586 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in Rocket Pharmaceuticals during the fourth quarter worth $332,000. 98.39% of the stock is owned by 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.