Rocket Pharmaceuticals (NASDAQ:RCKT) Posts Earnings Results

Rocket Pharmaceuticals (NASDAQ:RCKT) posted its quarterly earnings results on Monday. The biotechnology company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.02), Briefing.com reports. During the same period in the prior year, the firm posted ($0.82) earnings per share.

Rocket Pharmaceuticals Stock Down 4.5 %

RCKT stock traded down $0.91 during trading on Wednesday, hitting $19.22. 309,828 shares of the company’s stock traded hands, compared to its average volume of 754,370. The firm has a market capitalization of $1.74 billion, a P/E ratio of -7.01 and a beta of 1.13. The business has a fifty day simple moving average of $22.25 and a two-hundred day simple moving average of $24.76. The company has a quick ratio of 10.47, a current ratio of 10.47 and a debt-to-equity ratio of 0.04. Rocket Pharmaceuticals has a 1 year low of $14.89 and a 1 year high of $32.53.

Analysts Set New Price Targets

RCKT has been the topic of several recent research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday. Chardan Capital reaffirmed a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday. Canaccord Genuity Group decreased their target price on Rocket Pharmaceuticals from $49.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. raised their target price on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Insiders Place Their Bets

In other news, insider Mark Andrew White sold 3,026 shares of the business’s stock in a transaction on Monday, July 8th. The shares were 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 of the company’s stock, valued at $1,472,565.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Mark Andrew White sold 3,026 shares of the business’s stock in a transaction on Monday, July 8th. The shares were 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 of the company’s stock, valued at $1,472,565.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gaurav Shah sold 9,790 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $23.35, for a total transaction of $228,596.50. Following the transaction, the chief executive officer now owns 728,069 shares of the company’s stock, valued at $17,000,411.15. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,755 shares of company stock valued at $358,654. 31.10% of the stock is currently owned by insiders.

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.