Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Down 5.3% - What's Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s share price was down 5.3% during trading on Monday . The stock traded as low as $17.73 and last traded at $17.82. Approximately 187,672 shares were traded during trading, a decline of 76% from the average daily volume of 783,464 shares. The stock had previously closed at $18.82.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RCKT shares. Needham & Company LLC reissued a "buy" rating and issued a $52.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, September 17th. Scotiabank initiated coverage on Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They issued a "sector outperform" rating and a $50.00 price objective for the company. JPMorgan Chase & Co. raised their target price on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an "overweight" rating in a report on Tuesday, August 6th. Canaccord Genuity Group reiterated a "buy" rating and issued a $38.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, September 30th. Finally, Chardan Capital restated a "buy" rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $51.75.

Rocket Pharmaceuticals Trading Down 6.4 %

The company has a debt-to-equity ratio of 0.05, a current ratio of 7.79 and a quick ratio of 7.79. The business's 50-day moving average is $18.52 and its two-hundred day moving average is $21.08. The firm has a market cap of $1.60 billion, a P/E ratio of -6.14 and a beta of 1.09.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its quarterly earnings data on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.02). During the same quarter in the prior year, the company posted ($0.82) earnings per share. As a group, analysts predict that Rocket Pharmaceuticals, Inc. will post -2.97 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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