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

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s share price hit a new 52-week low on Friday . The company traded as low as $10.12 and last traded at $10.21, with a volume of 1907894 shares. The stock had previously closed at $10.88.

Analyst Upgrades and Downgrades

A number of research firms recently 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 report on Monday, November 18th. Leerink Partners reduced 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. 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. Jefferies Financial Group began coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They issued a "buy" rating and a $29.00 price objective on the stock. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $39.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.27.

Rocket Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The firm has a market cap of $939.86 million, a price-to-earnings ratio of -3.75 and a beta of 1.01. The stock's fifty day moving average price is $12.96 and its 200-day moving average price is $17.22.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 11,091 shares of the company's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $13.05, for a total value of $144,737.55. Following the transaction, the chief executive officer now owns 707,328 shares in the company, valued at $9,230,630.40. This represents a 1.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 13,490 shares of company stock valued at $176,045 in the last three months. 28.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its stake in shares of Rocket Pharmaceuticals by 5.2% in the second quarter. Rhumbline Advisers now owns 101,134 shares of the biotechnology company's stock worth $2,177,000 after acquiring an additional 4,958 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Rocket Pharmaceuticals in the 2nd quarter worth about $2,144,000. Marshall Wace LLP purchased a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter worth about $422,000. Maverick Capital Ltd. lifted its holdings in shares of Rocket Pharmaceuticals by 1.0% during the 2nd quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company's stock valued at $84,577,000 after buying an additional 40,000 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Rocket Pharmaceuticals by 23.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 139,613 shares of the biotechnology company's stock valued at $3,006,000 after buying an additional 26,556 shares in the last quarter. Hedge funds and other institutional investors own 98.39% of the company's stock.

About Rocket Pharmaceuticals

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.