Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Down 3.8% – Here’s What Happened

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares fell 3.8% on Wednesday . The company traded as low as $16.59 and last traded at $16.59. 81,897 shares were traded during mid-day trading, a decline of 90% from the average session volume of 787,414 shares. The stock had previously closed at $17.25.

Analyst Ratings Changes

A number of brokerages recently weighed in on RCKT. Chardan Capital reissued a “buy” rating and issued a $62.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $38.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, September 30th. JPMorgan Chase & Co. boosted their price target on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, August 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, September 17th. One investment 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $52.00.

Rocket Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 7.79 and a quick ratio of 7.79. The company has a 50-day simple moving average of $19.05 and a 200-day simple moving average of $21.65. The stock has a market cap of $1.53 billion, a PE ratio of -6.01 and a beta of 1.09.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data 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 firm earned ($0.82) EPS. Sell-side analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently modified their holdings of RCKT. Nisa Investment Advisors LLC lifted its stake 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 buying an additional 764 shares in the last quarter. SG Americas Securities LLC acquired a new position in Rocket Pharmaceuticals in the 3rd quarter valued at $113,000. Old Well Partners LLC acquired a new position in Rocket Pharmaceuticals in the 4th quarter valued at $200,000. Dana Investment Advisors Inc. raised its holdings in Rocket Pharmaceuticals by 4.4% in the 2nd quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock valued at $298,000 after acquiring an additional 586 shares during the last quarter. Finally, Mirador Capital Partners LP acquired a new stake in shares of Rocket Pharmaceuticals during the 3rd quarter worth $310,000. Hedge funds and other institutional investors 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.