Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Down 7.4%

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) traded down 7.4% on Tuesday . The stock traded as low as $17.10 and last traded at $17.10. 33,589 shares traded hands during trading, a decline of 96% from the average session volume of 771,593 shares. The stock had previously closed at $18.47.

Analyst Ratings Changes

Several analysts have recently commented on the company. JPMorgan Chase & Co. increased their target price on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Canaccord Genuity Group reissued a “buy” rating and set a $38.00 price objective on shares of Rocket Pharmaceuticals in a report on Monday. Chardan Capital reaffirmed a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.00.

Rocket Pharmaceuticals Trading Down 6.9 %

The business has a 50 day simple moving average of $20.05 and a 200-day simple moving average of $22.09. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -5.96 and a beta of 1.09. The company has a debt-to-equity ratio of 0.05, a current ratio of 7.79 and a quick ratio of 7.79.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.02). During the same period in the prior year, the company earned ($0.82) EPS. As a group, equities analysts expect that Rocket Pharmaceuticals, Inc. will post -2.97 earnings per share for the current year.

Insider Activity

In other Rocket Pharmaceuticals 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 value of $61,700.14. Following the sale, the insider now directly owns 72,220 shares in the company, valued at approximately $1,472,565.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 31.10% of the stock is owned by corporate insiders.

Institutional Trading of Rocket Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in RCKT. Wellington Management Group LLP boosted its stake in shares of Rocket Pharmaceuticals by 2.2% during the 4th quarter. Wellington Management Group LLP now owns 8,197,546 shares of the biotechnology company’s stock worth $245,680,000 after acquiring an additional 174,716 shares during the period. Vanguard Group Inc. increased its holdings in shares of Rocket Pharmaceuticals by 18.3% in the fourth quarter. Vanguard Group Inc. now owns 5,447,565 shares of the biotechnology company’s stock valued at $163,264,000 after purchasing an additional 843,552 shares during the last quarter. Westfield Capital Management Co. LP raised its position in shares of Rocket Pharmaceuticals by 1.1% in the first quarter. Westfield Capital Management Co. LP now owns 3,984,030 shares of the biotechnology company’s stock valued at $107,330,000 after purchasing an additional 42,171 shares during the period. Maverick Capital Ltd. lifted its stake in shares of Rocket Pharmaceuticals by 1.0% during the 2nd quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company’s stock worth $84,577,000 after buying an additional 40,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Rocket Pharmaceuticals by 11.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,943,160 shares of the biotechnology company’s stock worth $79,290,000 after buying an additional 314,086 shares during the period. Institutional investors and hedge funds own 98.39% of the company’s stock.

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.