Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 52-Week Low - Here's Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $6.26 and last traded at $6.67, with a volume of 6510768 shares. The stock had previously closed at $7.59.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Jefferies Financial Group began coverage on Rocket Pharmaceuticals in a report on Wednesday, December 18th. They set a "buy" rating and a $29.00 price target on the stock. Scotiabank boosted their target price on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a "sector outperform" rating in a research note on Monday, March 3rd. Needham & Company LLC dropped their price target on Rocket Pharmaceuticals from $52.00 to $42.00 and set a "buy" rating for the company in a research note on Friday, February 28th. The Goldman Sachs Group reduced their price objective on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd. Finally, BMO Capital Markets assumed coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, March 12th. They issued an "outperform" rating and a $50.00 price objective for the company. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.

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Rocket Pharmaceuticals Trading Down 7.9 %

The stock's 50 day moving average is $9.16 and its 200-day moving average is $12.75. The company has a market cap of $545.95 million, a P/E ratio of -1.86 and a beta of 1.00. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06.

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

Institutional Trading of Rocket Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its holdings in shares of Rocket Pharmaceuticals by 24.5% during the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock valued at $175,919,000 after purchasing an additional 2,753,033 shares in the last quarter. Vanguard Group Inc. raised its position in Rocket Pharmaceuticals by 18.8% in the 4th quarter. Vanguard Group Inc. now owns 6,577,595 shares of the biotechnology company's stock worth $82,680,000 after buying an additional 1,040,655 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Rocket Pharmaceuticals by 111.0% during the 4th quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company's stock valued at $50,343,000 after acquiring an additional 2,106,699 shares during the period. State Street Corp boosted 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 valued at $57,294,000 after acquiring an additional 322,156 shares during the last quarter. Finally, Suvretta Capital Management LLC purchased a new stake in shares of Rocket Pharmaceuticals during the 4th quarter valued at about $32,267,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

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.