Rocket Pharmaceuticals (NASDAQ:RCKT) Reaches New 12-Month Low Following Analyst Downgrade

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Monday after The Goldman Sachs Group lowered their price target on the stock from $29.00 to $15.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rocket Pharmaceuticals traded as low as $8.93 and last traded at $8.89, with a volume of 871555 shares. The stock had previously closed at $9.45.

Several other brokerages have also recently issued reports on RCKT. Leerink Partners dropped their target price on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an "outperform" rating on the stock in a report on Tuesday, November 19th. Needham & Company LLC dropped their target price on shares of Rocket Pharmaceuticals from $52.00 to $42.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Chardan Capital dropped their target price on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Cantor Fitzgerald restated an "overweight" rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Finally, Scotiabank raised their price target on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a "sector outperform" rating in a report on Monday. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $42.30.

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Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of institutional investors have recently bought and sold shares of RCKT. Covestor Ltd raised its position in Rocket Pharmaceuticals by 33,166.7% during the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company's stock worth $25,000 after buying an additional 1,990 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Rocket Pharmaceuticals by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company's stock worth $61,000 after buying an additional 582 shares during the last quarter. Signaturefd LLC raised its position in Rocket Pharmaceuticals by 319.8% during the 4th quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company's stock worth $62,000 after buying an additional 3,745 shares during the last quarter. Harbour Investments Inc. raised its position in Rocket Pharmaceuticals by 51.9% during the 4th quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company's stock worth $68,000 after buying an additional 1,840 shares during the last quarter. Finally, KBC Group NV raised its position in Rocket Pharmaceuticals by 159.6% during the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company's stock worth $69,000 after buying an additional 3,366 shares during the last quarter. 98.39% of the stock is owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Stock Down 2.4 %

The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $819.50 million, a PE ratio of -3.27 and a beta of 0.98. The business's 50-day simple moving average is $10.73 and its 200-day simple moving average is $14.48.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its quarterly 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 anticipate that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

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.