Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Up 3.7% – Time to Buy?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) traded up 3.7% during mid-day trading on Tuesday . The stock traded as high as $12.70 and last traded at $12.48. 335,030 shares traded hands during trading, a decline of 61% from the average session volume of 856,430 shares. The stock had previously closed at $12.03.

Analyst Ratings Changes

A number of research firms have weighed in on RCKT. Leerink Partners cut their target price on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research report on Tuesday, November 19th. Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Scotiabank started coverage on Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price objective for the company. Jefferies Financial Group started coverage on Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They issued a “buy” rating and a $29.00 target price for the company. Finally, Chardan Capital reiterated a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Rocket Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $47.27.

Rocket Pharmaceuticals Price Performance

The company’s fifty day moving average price is $14.39 and its 200 day moving average price is $18.07. The company has a market capitalization of $1.15 billion, a P/E ratio of -4.58 and a beta of 1.01. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06.

Insider Activity

In other news, CEO Gaurav Shah sold 11,091 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total transaction of $144,737.55. Following the completion of the sale, the chief executive officer now owns 707,328 shares of the company’s stock, valued at $9,230,630.40. This trade represents a 1.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In the last ninety days, insiders sold 13,490 shares of company stock worth $176,045. Insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several large investors have recently made changes to their positions in RCKT. Geode Capital Management LLC raised its holdings in shares of Rocket Pharmaceuticals by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock valued at $29,888,000 after acquiring an additional 14,256 shares in the last quarter. Main Management ETF Advisors LLC purchased a new stake in shares of Rocket Pharmaceuticals during the third quarter valued at $602,000. XTX Topco Ltd bought a new position in shares of Rocket Pharmaceuticals in the 3rd quarter worth approximately $286,000. Wellington Management Group LLP raised its stake in shares of Rocket Pharmaceuticals by 22.8% in the third quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock worth $207,642,000 after buying an additional 2,086,424 shares during the period. Finally, Sphera Funds Management LTD. lifted its holdings in shares of Rocket Pharmaceuticals by 12.0% in the third quarter. Sphera Funds Management LTD. now owns 231,792 shares of the biotechnology company’s stock worth $4,281,000 after buying an additional 24,859 shares in the last quarter. 98.39% of the stock is 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.