Rocket Pharmaceuticals (NASDAQ:RCKT) Sets New 1-Year Low on Analyst Downgrade

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price reached a new 52-week low during trading on Monday after The Goldman Sachs Group lowered their price target on the stock from $29.00 to $15.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rocket Pharmaceuticals traded as low as $8.93 and last traded at $8.89, with a volume of 871555 shares traded. The stock had previously closed at $9.45.

RCKT has been the topic of a number of other reports. Leerink Partners reduced their price target on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 19th. Wedbush assumed coverage on shares of Rocket Pharmaceuticals in a research note on Monday, December 30th. They set an “outperform” rating and a $32.00 target price for the company. Jefferies Financial Group initiated coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They set a “buy” rating and a $29.00 target price on the stock. Needham & Company LLC dropped their price target on shares of Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Canaccord Genuity Group lowered their price target on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.30.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in 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 worth $61,000 after purchasing an additional 582 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of Rocket Pharmaceuticals by 73.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 168,506 shares of the biotechnology company’s stock worth $3,112,000 after buying an additional 71,372 shares during the period. Privium Fund Management B.V. increased its stake in Rocket Pharmaceuticals by 17.5% in the third quarter. Privium Fund Management B.V. now owns 294,800 shares of the biotechnology company’s stock valued at $5,445,000 after purchasing an additional 43,820 shares in the last quarter. Pier 88 Investment Partners LLC raised its position in shares of Rocket Pharmaceuticals by 5.1% during the third quarter. Pier 88 Investment Partners LLC now owns 32,490 shares of the biotechnology company’s stock worth $600,000 after purchasing an additional 1,590 shares during the period. Finally, First Turn Management LLC lifted its position in Rocket Pharmaceuticals by 10.8% in the 3rd quarter. First Turn Management LLC now owns 621,306 shares of the biotechnology company’s stock valued at $11,476,000 after acquiring an additional 60,317 shares in the last quarter. Institutional investors and hedge funds own 98.39% of the company’s stock.

Rocket Pharmaceuticals Stock Performance

The stock has a market capitalization of $801.27 million, a P/E ratio of -3.20 and a beta of 0.98. The stock has a 50 day simple moving average of $10.89 and a two-hundred day simple moving average of $14.66. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.06. On average, equities analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 EPS 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.