Insider Buying: Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) CEO Buys 20,000 Shares of Stock

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) CEO Gaurav Shah purchased 20,000 shares of the firm's stock in a transaction on Thursday, April 10th. The shares were acquired at an average cost of $5.08 per share, for a total transaction of $101,600.00. Following the completion of 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Rocket Pharmaceuticals Stock Up 2.9 %

Shares of RCKT traded up $0.18 on Friday, reaching $6.33. The stock had a trading volume of 2,202,823 shares, compared to its average volume of 1,278,320. The firm has a market capitalization of $674.97 million, a price-to-earnings ratio of -2.30 and a beta of 1.00. The company has a 50-day simple moving average of $7.96 and a 200-day simple moving average of $11.69. Rocket Pharmaceuticals, Inc. has a 12-month low of $4.55 and a 12-month high of $26.98. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05.

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

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several large investors have recently made changes to their positions in the business. Rhumbline Advisers boosted its stake in Rocket Pharmaceuticals by 1.3% during the fourth quarter. Rhumbline Advisers now owns 99,339 shares of the biotechnology company's stock worth $1,249,000 after buying an additional 1,242 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Rocket Pharmaceuticals by 4.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 32,422 shares of the biotechnology company's stock worth $408,000 after purchasing an additional 1,280 shares during the period. Arizona State Retirement System raised its position in Rocket Pharmaceuticals by 8.4% in the 4th quarter. Arizona State Retirement System now owns 19,826 shares of the biotechnology company's stock worth $249,000 after purchasing an additional 1,528 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Rocket Pharmaceuticals by 1.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,633 shares of the biotechnology company's stock worth $2,210,000 after purchasing an additional 1,561 shares during the last quarter. Finally, Virtus ETF Advisers LLC lifted its stake in Rocket Pharmaceuticals by 40.4% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company's stock worth $71,000 after purchasing an additional 1,628 shares during the last quarter. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RCKT has been the topic of a number of recent research reports. Canaccord Genuity Group reduced their price objective on Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. Needham & Company LLC restated a "buy" rating and set a $42.00 price target on shares of Rocket Pharmaceuticals in a research report on Wednesday, April 9th. The Goldman Sachs Group dropped their price objective on Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating for the company in a research note on Monday, March 3rd. Chardan Capital decreased 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 note on Friday, February 28th. Finally, BMO Capital Markets began coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an "outperform" rating and a $50.00 price target for the company. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $43.00.

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.