Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Down 5.3% – Here’s What Happened

by · The Markets Daily

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT – Get Free Report)’s stock price fell 5.3% during trading on Monday . The stock traded as low as $17.73 and last traded at $17.82. 187,672 shares traded hands during trading, a decline of 76% from the average session volume of 783,464 shares. The stock had previously closed at $18.82.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. 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. Chardan Capital reaffirmed a “buy” rating and set a $62.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. Canaccord Genuity Group reiterated a “buy” rating and issued a $38.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday, September 30th. Scotiabank initiated coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Get Our Latest Report on RCKT

Rocket Pharmaceuticals Stock Performance

The company has a market cap of $1.60 billion, a price-to-earnings ratio of -6.13 and a beta of 1.09. The company has a current ratio of 7.79, a quick ratio of 7.79 and a debt-to-equity ratio of 0.05. The stock’s 50 day moving average price is $18.54 and its 200 day moving average price is $21.13.

Rocket Pharmaceuticals (NASDAQ:RCKT – Get Free Report) last issued its quarterly earnings results on Monday, August 5th. The biotechnology company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.02). During the same period in the previous year, the business earned ($0.82) EPS. On average, analysts expect that Rocket Pharmaceuticals, Inc. will post -2.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its holdings in shares of Rocket Pharmaceuticals by 31.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after purchasing an additional 764 shares during the period. SG Americas Securities LLC purchased a new position in Rocket Pharmaceuticals in the third quarter valued at approximately $113,000. Dana Investment Advisors Inc. raised its holdings in Rocket Pharmaceuticals by 4.4% in the second quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock valued at $298,000 after buying an additional 586 shares during the period. Mirador Capital Partners LP acquired a new position in Rocket Pharmaceuticals during the third quarter valued at approximately $310,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Rocket Pharmaceuticals by 30.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,092 shares of the biotechnology company’s stock worth $368,000 after buying an additional 3,995 shares during the period. Institutional investors and hedge funds own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

(Get Free Report)

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.

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