Point72 Asset Management L.P. Acquires Shares of 48,096 Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

Point72 Asset Management L.P. purchased a new stake in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 48,096 shares of the biotechnology company's stock, valued at approximately $888,000. Point72 Asset Management L.P. owned 0.05% of Rocket Pharmaceuticals at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. First Turn Management LLC boosted its position in Rocket Pharmaceuticals by 123.6% in the second quarter. First Turn Management LLC now owns 560,989 shares of the biotechnology company's stock worth $12,078,000 after purchasing an additional 310,119 shares during the last quarter. Maverick Capital Ltd. raised its stake in shares of Rocket Pharmaceuticals by 4.8% during the 3rd quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company's stock worth $76,072,000 after purchasing an additional 190,360 shares during the period. Westfield Capital Management Co. LP boosted its holdings in shares of Rocket Pharmaceuticals by 3.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company's stock worth $83,001,000 after buying an additional 165,911 shares during the last quarter. Walleye Capital LLC bought a new position in Rocket Pharmaceuticals during the third quarter valued at about $2,556,000. Finally, Renaissance Technologies LLC purchased a new stake in Rocket Pharmaceuticals during the second quarter worth about $2,144,000. Institutional investors own 98.39% of the company's stock.

Insiders Place Their Bets

In other news, CEO Gaurav Shah sold 11,091 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total value of $144,737.55. Following the transaction, the chief executive officer now owns 707,328 shares in the company, valued at approximately $9,230,630.40. This represents a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 13,490 shares of company stock valued at $176,045 over the last 90 days. Insiders own 28.50% of the company's stock.

Rocket Pharmaceuticals Price Performance

RCKT stock traded down $0.22 during midday trading on Wednesday, reaching $13.29. The company had a trading volume of 3,738,390 shares, compared to its average volume of 808,671. The firm has a 50-day moving average price of $15.86 and a 200-day moving average price of $19.08. 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 company has a market capitalization of $1.21 billion, a P/E ratio of -5.32 and a beta of 1.01. Rocket Pharmaceuticals, Inc. has a 1 year low of $12.62 and a 1 year high of $32.53.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Chardan Capital reissued a "buy" rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a research report on Monday, November 18th. Scotiabank began coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a "sector outperform" rating and a $50.00 price objective for the company. Canaccord Genuity Group restated a "buy" rating and issued a $39.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Needham & Company LLC reiterated a "buy" rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Finally, Leerink Partners lowered their price objective on Rocket Pharmaceuticals from $46.00 to $44.00 and set an "outperform" rating on the stock in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $51.00.

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.