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

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) reached a new 52-week low on Thursday . The company traded as low as $10.07 and last traded at $10.48, with a volume of 1500415 shares. The stock had previously closed at $10.16.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on RCKT shares. Cantor Fitzgerald restated an "overweight" rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Jefferies Financial Group started 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. Canaccord Genuity Group reaffirmed a "buy" rating and set a $39.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Wedbush started coverage on shares of Rocket Pharmaceuticals in a report on Monday, December 30th. They issued an "outperform" rating and a $32.00 price target on the stock. Finally, Leerink Partners reduced their price objective on Rocket Pharmaceuticals from $46.00 to $44.00 and set an "outperform" rating for the company in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Rocket Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $47.27.

Rocket Pharmaceuticals Trading Up 5.5 %

The firm has a market capitalization of $1.01 billion, a P/E ratio of -4.02 and a beta of 1.01. 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 firm has a 50 day moving average of $12.46 and a 200-day moving average of $16.92.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.71) earnings per share for the quarter, beating analysts' consensus estimates of ($0.78) by $0.07. On average, equities research analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 11,091 shares of the company'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 in the company, valued at $9,230,630.40. This represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 13,490 shares of company stock worth $176,045 over the last ninety days. Corporate insiders own 28.50% of the company's stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Wellington Management Group LLP grew its position in Rocket Pharmaceuticals by 22.8% in the third quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company's stock valued at $207,642,000 after acquiring an additional 2,086,424 shares during the last quarter. State Street Corp grew 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 purchasing an additional 322,156 shares during the last quarter. Maverick Capital Ltd. grew its holdings in shares of Rocket Pharmaceuticals by 4.8% during the 3rd quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company's stock valued at $76,072,000 after purchasing an additional 190,360 shares during the last quarter. Westfield Capital Management Co. LP increased its position in Rocket Pharmaceuticals by 3.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company's stock worth $83,001,000 after purchasing an additional 165,911 shares in the last quarter. Finally, Walleye Capital LLC acquired a new stake in Rocket Pharmaceuticals in the third quarter valued at approximately $2,556,000. Institutional investors and hedge funds 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.