Rocket Pharmaceuticals (NASDAQ:RCKT) Reaches New 1-Year Low - Here's Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s share price hit a new 52-week low on Wednesday . The stock traded as low as $7.90 and last traded at $7.97, with a volume of 338060 shares. The stock had previously closed at $8.17.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RCKT shares. The Goldman Sachs Group cut their target price on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating for the company in a research note on Monday, March 3rd. BMO Capital Markets initiated coverage on Rocket Pharmaceuticals in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $50.00 price objective on the stock. Scotiabank raised their target price on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a "sector outperform" rating in a research note on Monday, March 3rd. Jefferies Financial Group started coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They set a "buy" rating and a $29.00 price target on the stock. Finally, Wedbush assumed coverage on shares of Rocket Pharmaceuticals in a report on Monday, December 30th. They set an "outperform" rating and a $32.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.00.

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Rocket Pharmaceuticals Stock Performance

The stock's 50 day moving average is $9.62 and its two-hundred day moving average is $13.24. The firm has a market capitalization of $809.32 million, a P/E ratio of -2.76 and a beta of 1.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last issued its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.06. As a group, equities analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in RCKT. California State Teachers Retirement System raised its stake in Rocket Pharmaceuticals by 5.5% during the 4th quarter. California State Teachers Retirement System now owns 63,637 shares of the biotechnology company's stock worth $800,000 after buying an additional 3,344 shares during the period. Toronto Dominion Bank bought a new stake in shares of Rocket Pharmaceuticals in the fourth quarter worth about $13,827,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Rocket Pharmaceuticals by 16.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 139,572 shares of the biotechnology company's stock worth $1,754,000 after purchasing an additional 19,939 shares during the period. Woodline Partners LP lifted its holdings in shares of Rocket Pharmaceuticals by 8.5% during the 4th quarter. Woodline Partners LP now owns 652,421 shares of the biotechnology company's stock valued at $8,201,000 after purchasing an additional 51,358 shares in the last quarter. Finally, Soleus Capital Management L.P. acquired a new position in shares of Rocket Pharmaceuticals in the 4th quarter valued at approximately $3,415,000. 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.