Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Down 15.6% – What’s Next?

by · The Markets Daily

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT – Get Free Report) traded down 15.6% during mid-day trading on Monday . The stock traded as low as $6.36 and last traded at $6.40. 507,961 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 1,043,319 shares. The stock had previously closed at $7.59.

Analyst Ratings Changes

Several analysts have recently commented on RCKT shares. Jefferies Financial Group assumed coverage on Rocket Pharmaceuticals in a report on Wednesday, December 18th. They set a “buy” rating and a $29.00 price objective for the company. BMO Capital Markets initiated coverage on Rocket Pharmaceuticals in a report on Wednesday, March 12th. They issued an “outperform” rating and a $50.00 price target for the company. The Goldman Sachs Group dropped their price target on Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. Scotiabank increased their price objective on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a research report on Monday, March 3rd. Finally, Chardan Capital dropped their target price on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Rocket Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Read Our Latest Research Report on Rocket Pharmaceuticals

Rocket Pharmaceuticals Stock Performance

The firm has a fifty day moving average of $9.62 and a 200 day moving average of $13.20. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The stock has a market capitalization of $701.95 million, a price-to-earnings ratio of -2.39 and a beta of 1.03.

Rocket Pharmaceuticals (NASDAQ:RCKT – Get Free Report) last posted its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.06. On average, sell-side analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Large investors have recently bought and sold shares of the business. Intech Investment Management LLC acquired a new position in shares of Rocket Pharmaceuticals during the 3rd quarter worth approximately $527,000. Charles Schwab Investment Management Inc. grew its stake in Rocket Pharmaceuticals by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,814 shares of the biotechnology company’s stock valued at $10,524,000 after acquiring an additional 20,322 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Rocket Pharmaceuticals by 9.1% during the third quarter. The Manufacturers Life Insurance Company now owns 152,293 shares of the biotechnology company’s stock worth $2,813,000 after buying an additional 12,680 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Rocket Pharmaceuticals by 9.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,767 shares of the biotechnology company’s stock valued at $347,000 after buying an additional 1,675 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Rocket Pharmaceuticals by 1.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,633 shares of the biotechnology company’s stock valued at $2,210,000 after acquiring an additional 1,561 shares during the last quarter. Institutional investors and hedge funds own 98.39% of the company’s stock.

About Rocket Pharmaceuticals

(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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