Rocket Pharmaceuticals (NASDAQ:RCKT) Reaches 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 on Tuesday . The company traded as low as $8.13 and last traded at $8.23, with a volume of 437917 shares changing hands. The stock had previously closed at $8.59.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RCKT. Canaccord Genuity Group cut their price objective on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. Jefferies Financial Group initiated coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, December 18th. They set a "buy" rating and a $29.00 price target for the company. The Goldman Sachs Group lowered their price objective on Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd. Leerink Partners reduced their price target on Rocket Pharmaceuticals from $46.00 to $44.00 and set an "outperform" rating for the company in a report on Tuesday, November 19th. Finally, Needham & Company LLC decreased their price target on Rocket Pharmaceuticals from $52.00 to $42.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $42.30.

Rocket Pharmaceuticals Price Performance

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 company has a 50-day moving average of $10.61 and a 200-day moving average of $14.30. The stock has a market capitalization of $875.43 million, a price-to-earnings ratio of -2.99 and a beta of 1.03.

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

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in RCKT. Covestor Ltd raised its holdings in Rocket Pharmaceuticals by 33,166.7% in the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company's stock valued at $25,000 after buying an additional 1,990 shares during the period. Signaturefd LLC increased its position in shares of Rocket Pharmaceuticals by 319.8% in the fourth quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company's stock worth $62,000 after acquiring an additional 3,745 shares in the last quarter. Harbour Investments Inc. increased its position in shares of Rocket Pharmaceuticals by 51.9% in the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company's stock worth $68,000 after acquiring an additional 1,840 shares in the last quarter. KBC Group NV raised its position in Rocket Pharmaceuticals by 159.6% in the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company's stock valued at $69,000 after purchasing an additional 3,366 shares during the period. Finally, Virtus ETF Advisers LLC grew its stake in shares of Rocket Pharmaceuticals by 40.4% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company's stock valued at $71,000 after buying an additional 1,628 shares in the last quarter. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.

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