Rocket Pharmaceuticals (NASDAQ:RCKT) Reaches New 52-Week Low at $16.03

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $16.03 and last traded at $16.11, with a volume of 458659 shares trading hands. The stock had previously closed at $16.96.

Analysts Set New Price Targets

A number of analysts have recently commented on RCKT shares. Chardan Capital restated a “buy” rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and issued a $52.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, September 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. Canaccord Genuity Group reissued a “buy” rating and set a $38.00 target price on shares of Rocket Pharmaceuticals in a research report on Monday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, August 6th. 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 stock. According to data from MarketBeat, Rocket Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $52.00.

Rocket Pharmaceuticals Price Performance

The business’s 50 day moving average price is $19.73 and its 200-day moving average price is $21.98. The company has a quick ratio of 7.79, a current ratio of 7.79 and a debt-to-equity ratio of 0.05. The company has a market cap of $1.47 billion, a PE ratio of -5.59 and a beta of 1.09.

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 analysts’ consensus estimates of ($0.72) by ($0.02). During the same quarter in the prior year, the firm earned ($0.82) EPS. As a group, analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.97 earnings per share for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, insider Mark Andrew White sold 3,026 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 72,220 shares of the company’s stock, valued at approximately $1,472,565.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 31.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its position in shares of Rocket Pharmaceuticals by 12.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 594,665 shares of the biotechnology company’s stock worth $17,822,000 after purchasing an additional 64,946 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Rocket Pharmaceuticals by 4.1% during the 1st quarter. Russell Investments Group Ltd. now owns 675,769 shares of the biotechnology company’s stock worth $18,205,000 after buying an additional 26,823 shares during the last quarter. Novo Holdings A S grew its position in shares of Rocket Pharmaceuticals by 4.8% in the 2nd quarter. Novo Holdings A S now owns 1,100,000 shares of the biotechnology company’s stock worth $23,683,000 after acquiring an additional 50,000 shares in the last quarter. Avidity Partners Management LP increased its holdings in shares of Rocket Pharmaceuticals by 8.3% in the 4th quarter. Avidity Partners Management LP now owns 1,719,103 shares of the biotechnology company’s stock valued at $51,522,000 after acquiring an additional 131,674 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Rocket Pharmaceuticals during the 4th quarter valued at approximately $332,000. Institutional investors own 98.39% of the company’s stock.

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.