Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Down 4% – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares fell 4% during mid-day trading on Thursday . The stock traded as low as $10.44 and last traded at $10.45. 302,815 shares traded hands during trading, a decline of 80% from the average session volume of 1,543,305 shares. The stock had previously closed at $10.88.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RCKT shares. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Jefferies Financial Group assumed coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $39.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Finally, Scotiabank initiated coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.27.

Rocket Pharmaceuticals Stock Performance

The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $939.86 million, a PE ratio of -3.75 and a beta of 1.01. The firm’s fifty day moving average is $12.82 and its 200-day moving average is $17.14.

Insider Activity

In other news, CEO Gaurav Shah sold 11,091 shares of Rocket Pharmaceuticals stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $13.05, for a total value of $144,737.55. Following the completion of the sale, the chief executive officer now directly owns 707,328 shares of the company’s stock, valued at approximately $9,230,630.40. The trade was a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have sold 13,490 shares of company stock valued at $176,045. Company insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently bought and sold shares of RCKT. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Rocket Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock valued at $61,000 after purchasing an additional 582 shares in the last quarter. Values First Advisors Inc. acquired a new position in shares of Rocket Pharmaceuticals in the third quarter worth $108,000. SG Americas Securities LLC purchased a new stake in shares of Rocket Pharmaceuticals during the third quarter worth $113,000. XTX Topco Ltd acquired a new stake in shares of Rocket Pharmaceuticals in the third quarter valued at $286,000. Finally, Verition Fund Management LLC purchased a new position in Rocket Pharmaceuticals in the third quarter valued at $290,000. 98.39% of the stock is owned by institutional investors and hedge funds.

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.