Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Down 5.7%

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares dropped 5.7% during trading on Tuesday . The stock traded as low as $18.66 and last traded at $18.66. Approximately 216,947 shares changed hands during trading, a decline of 71% from the average daily volume of 757,124 shares. The stock had previously closed at $19.78.

Analysts Set New Price Targets

A number of brokerages recently commented on RCKT. JPMorgan Chase & Co. raised their price target on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 6th. Chardan Capital reiterated a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Canaccord Genuity Group dropped their price objective on shares of Rocket Pharmaceuticals from $49.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. William Blair reissued an “outperform” rating on shares of Rocket Pharmaceuticals in a report on Monday, June 3rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $52.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $52.29.

Rocket Pharmaceuticals Stock Down 4.2 %

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 stock’s 50-day moving average is $20.56 and its 200-day moving average is $22.42. The company has a market cap of $1.72 billion, a price-to-earnings ratio of -6.50 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 the consensus estimate of ($0.72) by ($0.02). During the same period in the previous year, the business posted ($0.82) EPS. On average, analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, insider Mark Andrew White sold 3,026 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $20.39, for a total value of $61,700.14. Following the completion of the transaction, the insider now owns 72,220 shares in the company, valued at approximately $1,472,565.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 31.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RCKT. Janus Henderson Group PLC increased its holdings 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 purchasing an additional 1,656,111 shares during the period. Vanguard Group Inc. raised its position in Rocket Pharmaceuticals by 18.3% during the 4th quarter. Vanguard Group Inc. now owns 5,447,565 shares of the biotechnology company’s stock valued at $163,264,000 after purchasing an additional 843,552 shares during the last quarter. Franklin Resources Inc. raised its position in Rocket Pharmaceuticals by 60.8% during the 4th quarter. Franklin Resources Inc. now owns 1,072,910 shares of the biotechnology company’s stock valued at $32,155,000 after purchasing an additional 405,855 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Rocket Pharmaceuticals by 11.9% during 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 purchasing an additional 314,086 shares during the last quarter. Finally, First Turn Management LLC raised its position in 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 purchasing an additional 310,119 shares during the last quarter. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

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.