Rocket Pharmaceuticals (NASDAQ:RCKT) Sets New 1-Year Low – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) hit a new 52-week low on Friday . The company traded as low as $11.13 and last traded at $11.18, with a volume of 517017 shares traded. The stock had previously closed at $11.79.

Analyst Ratings Changes

A number of research firms recently commented on RCKT. Needham & Company LLC restated a “buy” rating and issued a $52.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Chardan Capital restated a “buy” rating and issued a $62.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Leerink Partners cut their price objective on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a report on Tuesday, November 19th. Wedbush started coverage on Rocket Pharmaceuticals in a research note on Monday, December 30th. They set an “outperform” rating and a $32.00 target price for the company. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $39.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.27.

Rocket Pharmaceuticals Stock Down 5.5 %

The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The firm has a fifty day moving average of $13.49 and a 200-day moving average of $17.49. The firm has a market cap of $1.02 billion, a P/E ratio of -4.05 and a beta of 1.01.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 11,091 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 707,328 shares in the company, valued at $9,230,630.40. This represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders sold 13,490 shares of company stock valued at $176,045. 28.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. raised its position 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 during the period. Values First Advisors Inc. bought a new position in Rocket Pharmaceuticals in the 3rd quarter valued at about $108,000. SG Americas Securities LLC acquired a new stake in Rocket Pharmaceuticals during the third quarter worth approximately $113,000. XTX Topco Ltd bought a new stake in shares of Rocket Pharmaceuticals during the third quarter worth approximately $286,000. Finally, Verition Fund Management LLC acquired a new position in shares of Rocket Pharmaceuticals in the third quarter valued at approximately $290,000. 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.