Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 12-Month Low - What's Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $10.05 and last traded at $10.04, with a volume of 494466 shares trading hands. The stock had previously closed at $10.34.

Analyst Ratings Changes

Several brokerages have issued reports on RCKT. Chardan Capital restated a "buy" rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a research note on Monday, November 18th. Jefferies Financial Group started coverage on Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They set a "buy" rating and a $29.00 price target on the stock. Canaccord Genuity Group reiterated a "buy" rating and set a $39.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Wedbush initiated coverage on Rocket Pharmaceuticals in a research report on Monday, December 30th. They set an "outperform" rating and a $32.00 price target on the stock. Finally, Needham & Company LLC restated a "buy" rating and issued a $52.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Rocket Pharmaceuticals has a consensus rating of "Moderate Buy" and an average price target of $47.27.

Rocket Pharmaceuticals Trading Up 3.5 %

The business has a 50 day simple moving average of $11.34 and a 200-day simple moving average of $15.46. 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 stock has a market capitalization of $954.41 million, a P/E ratio of -3.81 and a beta of 0.98.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 11,091 shares of the firm's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $13.05, for a total transaction of $144,737.55. Following the completion of the sale, the chief executive officer now directly owns 707,328 shares of the company's stock, valued at $9,230,630.40. This trade represents a 1.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders sold 14,386 shares of company stock valued at $185,345. 28.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several large investors have recently modified their holdings of RCKT. Wellington Management Group LLP boosted its stake in shares of Rocket Pharmaceuticals by 24.5% during the 4th quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock worth $175,919,000 after acquiring an additional 2,753,033 shares in the last quarter. Boxer Capital Management LLC bought a new stake in shares of Rocket Pharmaceuticals during the 4th quarter worth $18,428,000. Avoro Capital Advisors LLC bought a new stake in shares of Rocket Pharmaceuticals during the 4th quarter worth $15,084,000. Vanguard Group Inc. boosted its stake in shares of Rocket Pharmaceuticals by 18.8% during the 4th quarter. Vanguard Group Inc. now owns 6,577,595 shares of the biotechnology company's stock worth $82,680,000 after acquiring an additional 1,040,655 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Rocket Pharmaceuticals by 4,422.4% during the 4th quarter. Marshall Wace LLP now owns 456,762 shares of the biotechnology company's stock worth $5,741,000 after acquiring an additional 446,662 shares in the last quarter. 98.39% of the stock is owned by 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.