Rocket Pharmaceuticals (NASDAQ:RCKT) Sets New 52-Week Low - Here's What Happened

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $13.65 and last traded at $13.69, with a volume of 59665 shares trading hands. The stock had previously closed at $13.98.

Analyst Upgrades and Downgrades

RCKT has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price objective on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an "overweight" rating in a research note on Tuesday, August 6th. Needham & Company LLC reiterated a "buy" rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a report on Friday, November 8th. Scotiabank began coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued a "sector outperform" rating and a $50.00 price target on the stock. 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 Monday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $51.75.

Rocket Pharmaceuticals Price Performance

The company has a current ratio of 6.05, a quick ratio of 7.79 and a debt-to-equity ratio of 0.06. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of -4.97 and a beta of 1.09. The stock has a 50-day moving average price of $17.63 and a two-hundred day moving average price of $20.10.

Institutional Trading of Rocket Pharmaceuticals

A number of institutional investors have recently made changes to their positions in RCKT. Wellington Management Group LLP lifted its position in Rocket Pharmaceuticals by 22.8% during the 3rd quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company's stock worth $207,642,000 after acquiring an additional 2,086,424 shares during the period. Janus Henderson Group PLC lifted its position in Rocket Pharmaceuticals by 174.3% during the 1st quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company's stock worth $70,170,000 after acquiring an additional 1,656,111 shares during the period. State Street Corp lifted its position in 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 during the period. Price T Rowe Associates Inc. MD lifted its position in Rocket Pharmaceuticals by 11.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,943,160 shares of the biotechnology company's stock worth $79,290,000 after acquiring an additional 314,086 shares during the period. Finally, First Turn Management LLC raised its stake in shares of Rocket Pharmaceuticals by 123.6% during the 2nd quarter. First Turn Management LLC now owns 560,989 shares of the biotechnology company's stock valued at $12,078,000 after buying an additional 310,119 shares during the last quarter. 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.