Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 12-Month Low - Here's Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s stock price reached a new 52-week low during trading on Monday . The company traded as low as $4.60 and last traded at $4.69, with a volume of 262645 shares changing hands. The stock had previously closed at $5.12.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Chardan Capital cut their price target on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Needham & Company LLC reissued a "buy" rating and issued a $42.00 target price on shares of Rocket Pharmaceuticals in a research note on Wednesday. BMO Capital Markets initiated coverage on Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an "outperform" rating and a $50.00 price target for the company. Jefferies Financial Group initiated coverage on Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They issued a "buy" rating and a $29.00 price objective on the stock. Finally, Canaccord Genuity Group reduced their target price 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. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Rocket Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $43.00.

Rocket Pharmaceuticals Stock Performance

The firm has a market cap of $561.94 million, a P/E ratio of -1.92 and a beta of 1.00. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The business's 50-day simple moving average is $8.38 and its 200 day simple moving average is $12.09.

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Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last issued its quarterly earnings data on Monday, March 3rd. The biotechnology company reported ($0.62) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.06. As a group, equities analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Insider Activity at Rocket Pharmaceuticals

In related news, CFO Aaron Ondrey sold 7,489 shares of Rocket Pharmaceuticals stock in a transaction on Friday, April 4th. The shares were sold at an average price of $5.29, for a total transaction of $39,616.81. Following the transaction, the chief financial officer now owns 129,650 shares in the company, valued at approximately $685,848.50. The trade was a 5.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kinnari Patel purchased 21,099 shares of the business's stock in a transaction on Wednesday, April 9th. The stock was acquired at an average price of $4.70 per share, with a total value of $99,165.30. Following the purchase, the insider now directly owns 26,774 shares in the company, valued at $125,837.80. This 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 company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Rocket Pharmaceuticals by 1.3% during 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 valued at $2,210,000 after purchasing an additional 1,561 shares in the last quarter. Verition Fund Management LLC bought a new stake in Rocket Pharmaceuticals in the 3rd quarter worth approximately $290,000. State Street Corp raised its holdings in shares of Rocket Pharmaceuticals by 11.6% during the 3rd quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company's stock worth $57,294,000 after acquiring an additional 322,156 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Rocket Pharmaceuticals during the 3rd quarter valued at approximately $286,000. Finally, Geode Capital Management LLC grew its holdings in shares of Rocket Pharmaceuticals by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company's stock valued at $29,888,000 after purchasing an additional 14,256 shares in the last quarter. Institutional investors 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.