Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Down 7.4%

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

Wall Street Analysts Forecast Growth

RCKT has been the topic of a number of research reports. William Blair reaffirmed an “outperform” rating on shares of Rocket Pharmaceuticals in a report on Monday, June 3rd. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. Chardan Capital reiterated a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. Canaccord Genuity Group restated a “buy” rating and set a $38.00 target price on shares of Rocket Pharmaceuticals in a research report on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rocket Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $52.00.

Rocket Pharmaceuticals Price Performance

The business has a 50-day moving average of $20.05 and a 200 day moving average of $22.09. The company has a current ratio of 7.79, a quick ratio of 7.79 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $1.56 billion, a P/E ratio of -5.96 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) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.02). During the same quarter in the previous year, the company earned ($0.82) EPS. On average, sell-side analysts predict 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 stock was sold at an average price of $20.39, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 31.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC raised its position in shares of Rocket Pharmaceuticals by 174.3% in the first quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock worth $70,170,000 after buying an additional 1,656,111 shares in the last quarter. Vanguard Group Inc. increased its stake 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 acquiring an additional 843,552 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 valued at $79,290,000 after acquiring an additional 314,086 shares in the last quarter. First Turn Management LLC boosted its position in shares of Rocket Pharmaceuticals by 123.6% during the 2nd quarter. First Turn Management LLC now owns 560,989 shares of the biotechnology company’s stock valued at $12,078,000 after acquiring an additional 310,119 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Rocket Pharmaceuticals during the fourth quarter worth about $7,293,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

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.