Avoro Capital Advisors LLC Acquires Shares of 1,200,000 Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

Avoro Capital Advisors LLC purchased a new position in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,200,000 shares of the biotechnology company's stock, valued at approximately $15,084,000. Avoro Capital Advisors LLC owned about 1.32% of Rocket Pharmaceuticals at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. SG Americas Securities LLC increased its position in Rocket Pharmaceuticals by 796.2% during the 4th quarter. SG Americas Securities LLC now owns 54,921 shares of the biotechnology company's stock worth $690,000 after purchasing an additional 48,793 shares during the period. Jennison Associates LLC grew its holdings in Rocket Pharmaceuticals by 72.6% during the fourth quarter. Jennison Associates LLC now owns 70,304 shares of the biotechnology company's stock worth $884,000 after acquiring an additional 29,564 shares during the period. Mirador Capital Partners LP raised its position in Rocket Pharmaceuticals by 403.9% in the fourth quarter. Mirador Capital Partners LP now owns 84,529 shares of the biotechnology company's stock worth $1,063,000 after acquiring an additional 67,755 shares in the last quarter. Sovran Advisors LLC acquired a new stake in Rocket Pharmaceuticals in the fourth quarter valued at $1,895,000. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Rocket Pharmaceuticals during the 4th quarter worth $141,000. 98.39% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RCKT. BMO Capital Markets initiated coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, March 12th. They issued an "outperform" rating and a $50.00 price target for the company. Needham & Company LLC restated a "buy" rating and set a $42.00 target price on shares of Rocket Pharmaceuticals in a research report on Wednesday, April 9th. The Goldman Sachs Group reduced their price target on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd. Canaccord Genuity Group lowered their price target on Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating on the stock in a report on Monday, March 3rd. Finally, Wedbush began coverage on Rocket Pharmaceuticals in a report on Monday, December 30th. They set an "outperform" rating and a $32.00 price objective for the company. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $43.00.

Rocket Pharmaceuticals Trading Down 2.7 %

RCKT traded down $0.20 during trading on Friday, hitting $7.23. The company's stock had a trading volume of 1,634,069 shares, compared to its average volume of 1,325,154. Rocket Pharmaceuticals, Inc. has a twelve month low of $4.55 and a twelve month high of $26.98. The stock has a market cap of $770.93 million, a PE ratio of -2.63 and a beta of 1.00. The firm's 50 day moving average price is $7.72 and its 200-day moving average price is $11.47. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last issued its quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.68) by $0.06. On average, analysts expect that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Insider Activity at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah acquired 20,000 shares of the stock in a transaction dated Thursday, April 10th. The stock was bought at an average cost of $5.08 per share, with a total value of $101,600.00. Following the purchase, the chief executive officer now directly owns 792,680 shares of the company's stock, valued at approximately $4,026,814.40. This represents a 2.59 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kinnari Patel bought 21,099 shares of the business's stock in a transaction that occurred on Wednesday, April 9th. The stock was purchased at an average cost of $4.70 per share, for a total transaction of $99,165.30. Following the completion of the transaction, the insider now directly owns 26,774 shares in the company, valued at approximately $125,837.80. This trade represents a 371.79 % increase in their position. The disclosure for this purchase can be found here. 28.50% of the stock is owned by insiders.

Rocket Pharmaceuticals 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.