Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Gap Up – Here’s What Happened

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares gapped up prior to trading on Wednesday . The stock had previously closed at $11.92, but opened at $12.71. Rocket Pharmaceuticals shares last traded at $12.29, with a volume of 166,612 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Scotiabank began coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 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 research note on Wednesday. They issued a “buy” rating and a $29.00 price target on the stock. Canaccord Genuity Group restated a “buy” rating and set a $39.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Leerink Partners decreased their target price on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 19th. One investment 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’s stock. According to data from MarketBeat, Rocket Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $48.80.

Rocket Pharmaceuticals Stock Down 3.3 %

The company has a market cap of $1.03 billion, a P/E ratio of -4.13 and a beta of 1.01. The stock has a 50-day moving average of $15.32 and a 200 day moving average of $18.72. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

Insider Buying and Selling at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah sold 11,091 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was 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 directly owns 707,328 shares in the company, valued at $9,230,630.40. This represents a 1.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 13,490 shares of company stock valued at $176,045 in the last ninety days. 28.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Novo Holdings A S boosted its stake 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 valued at $23,683,000 after purchasing an additional 50,000 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Rocket Pharmaceuticals in the second quarter valued at approximately $2,144,000. First Turn Management LLC grew its stake in shares of Rocket Pharmaceuticals by 10.8% during the third quarter. First Turn Management LLC now owns 621,306 shares of the biotechnology company’s stock worth $11,476,000 after buying an additional 60,317 shares during the last quarter. Maverick Capital Ltd. increased its holdings in shares of Rocket Pharmaceuticals by 1.0% during the second quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company’s stock worth $84,577,000 after buying an additional 40,000 shares in the last quarter. Finally, Westfield Capital Management Co. LP lifted its stake in shares of Rocket Pharmaceuticals by 3.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock valued at $83,001,000 after acquiring an additional 165,911 shares during the last quarter. Institutional investors own 98.39% of the company’s stock.

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.