Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Down 4.5% - Here's Why

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) were down 4.5% during mid-day trading on Monday . The company traded as low as $8.41 and last traded at $8.37. Approximately 259,403 shares traded hands during trading, a decline of 74% from the average daily volume of 980,360 shares. The stock had previously closed at $8.76.

Analyst Ratings Changes

A number of equities analysts have issued reports on RCKT shares. BMO Capital Markets started coverage on Rocket Pharmaceuticals in a report on Wednesday, March 12th. They set an "outperform" rating and a $50.00 target price for the company. Wedbush assumed coverage on Rocket Pharmaceuticals in a report on Monday, December 30th. They set an "outperform" rating and a $32.00 target price for the company. Jefferies Financial Group assumed coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They set a "buy" rating and a $29.00 price objective for the company. The Goldman Sachs Group reduced their price objective 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. Finally, Canaccord Genuity Group reduced their price objective on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $43.00.

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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 stock has a market cap of $902.62 million, a price-to-earnings ratio of -3.08 and a beta of 1.03. The business's 50-day simple moving average is $9.93 and its two-hundred day simple moving average is $13.72.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last issued its quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) EPS for the quarter, topping analysts' consensus estimates of ($0.68) by $0.06. Research analysts expect that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of RCKT. Wellington Management Group LLP lifted its holdings in Rocket Pharmaceuticals by 24.5% in the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock valued at $175,919,000 after buying an additional 2,753,033 shares during the period. Suvretta Capital Management LLC bought a new stake in Rocket Pharmaceuticals in the fourth quarter valued at $32,267,000. Janus Henderson Group PLC increased its stake in Rocket Pharmaceuticals by 111.0% in the fourth quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company's stock valued at $50,343,000 after purchasing an additional 2,106,699 shares in the last quarter. Point72 Asset Management L.P. increased its stake in Rocket Pharmaceuticals by 3,163.9% in the fourth quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company's stock valued at $19,733,000 after purchasing an additional 1,521,727 shares in the last quarter. Finally, Boxer Capital Management LLC bought a new stake in Rocket Pharmaceuticals in the fourth quarter valued at $18,428,000. Institutional investors and hedge funds 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.