Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Down 3.5%

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares were down 3.5% during trading on Wednesday . The stock traded as low as $21.04 and last traded at $21.04. Approximately 189,498 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 749,336 shares. The stock had previously closed at $21.80.

Wall Street Analyst Weigh In

Several research analysts recently commented on RCKT shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday. JPMorgan Chase & Co. raised their price objective on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Chardan Capital reaffirmed a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. Finally, Canaccord Genuity Group lowered their target price on shares of Rocket Pharmaceuticals from $49.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.29.

Rocket Pharmaceuticals Stock Up 2.5 %

The company has a debt-to-equity ratio of 0.05, a quick ratio of 7.79 and a current ratio of 7.79. The firm has a market capitalization of $1.94 billion, a PE ratio of -7.44 and a beta of 1.10. The company’s 50 day simple moving average is $20.66 and its 200-day simple moving average is $22.60.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.02). During the same quarter in the previous year, the firm posted ($0.82) EPS. On average, analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.97 EPS for the current fiscal year.

Insider Activity

In other news, insider Mark Andrew White sold 3,026 shares of the firm’s 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 sale, the insider now owns 72,220 shares in the company, valued at approximately $1,472,565.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 31.10% of the company’s stock.

Institutional Trading of Rocket Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP raised its position in Rocket Pharmaceuticals by 2.2% in the 4th quarter. Wellington Management Group LLP now owns 8,197,546 shares of the biotechnology company’s stock worth $245,680,000 after purchasing an additional 174,716 shares during the period. Vanguard Group Inc. raised its position in Rocket Pharmaceuticals by 18.3% in the 4th quarter. Vanguard Group Inc. now owns 5,447,565 shares of the biotechnology company’s stock worth $163,264,000 after purchasing an additional 843,552 shares during the period. Westfield Capital Management Co. LP raised its position in Rocket Pharmaceuticals by 1.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 3,984,030 shares of the biotechnology company’s stock worth $107,330,000 after purchasing an additional 42,171 shares during the period. Maverick Capital Ltd. raised its position in Rocket Pharmaceuticals by 1.0% in the 2nd quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company’s stock worth $84,577,000 after purchasing an additional 40,000 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in Rocket Pharmaceuticals by 11.9% in 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 purchasing an additional 314,086 shares during the period. Hedge funds and other institutional investors own 98.39% of the company’s stock.

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.