Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 1-Year Low - Here's What Happened

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $12.10 and last traded at $12.10, with a volume of 151721 shares. The stock had previously closed at $12.57.

Analyst Upgrades and Downgrades

Several analysts have commented on RCKT shares. Chardan Capital reissued a "buy" rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Leerink Partners cut their price target on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an "outperform" rating for the company in a report on Tuesday, November 19th. Scotiabank started coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They issued a "sector outperform" rating and a $50.00 target price on the stock. Needham & Company LLC restated a "buy" rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $51.00.

Rocket Pharmaceuticals Stock Down 4.4 %

The firm has a 50-day moving average of $15.63 and a two-hundred day moving average of $18.92. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $1.10 billion, a PE ratio of -4.37 and a beta of 1.01.

Insider Activity 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 transaction, the chief executive officer now directly owns 707,328 shares in the company, valued at $9,230,630.40. This trade represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 13,490 shares of company stock worth $176,045. Company insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC grew its position in Rocket Pharmaceuticals by 31.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company's stock valued at $68,000 after acquiring an additional 764 shares in the last quarter. EFG Asset Management North America Corp. boosted its stake in shares of Rocket Pharmaceuticals by 47.0% in the second quarter. EFG Asset Management North America Corp. now owns 222,046 shares of the biotechnology company's stock valued at $4,780,000 after purchasing an additional 71,044 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Rocket Pharmaceuticals by 10.4% in the second quarter. Bank of New York Mellon Corp now owns 239,877 shares of the biotechnology company's stock valued at $5,165,000 after purchasing an additional 22,521 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Rocket Pharmaceuticals by 30.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,092 shares of the biotechnology company's stock worth $368,000 after buying an additional 3,995 shares during the period. Finally, Privium Fund Management B.V. lifted its holdings in Rocket Pharmaceuticals by 6.8% during the 2nd quarter. Privium Fund Management B.V. now owns 250,980 shares of the biotechnology company's stock worth $4,964,000 after buying an additional 15,930 shares in the last quarter. Hedge funds and other institutional investors own 98.39% of the company's stock.

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.