Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Down 4.5% - Time to Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s stock price dropped 4.5% on Monday . The stock traded as low as $8.41 and last traded at $8.37. Approximately 259,403 shares changed 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 Upgrades and Downgrades

RCKT has been the subject of several recent research reports. The Goldman Sachs Group dropped their price objective on Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating for the company in a report on Monday, March 3rd. Canaccord Genuity Group lowered their price target on Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Wedbush assumed coverage on Rocket Pharmaceuticals in a research note on Monday, December 30th. They issued an "outperform" rating and a $32.00 price target for the company. Needham & Company LLC lowered their price target on Rocket Pharmaceuticals from $52.00 to $42.00 and set a "buy" rating for the company in a research note on Friday, February 28th. Finally, Chardan Capital lowered their price target on Rocket Pharmaceuticals from $62.00 to $54.00 and set a "buy" rating for the company in a research note on Friday, February 28th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $43.00.

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Rocket Pharmaceuticals Stock Performance

The company has a fifty day moving average price of $10.00 and a 200 day moving average price of $13.76. The stock has a market cap of $887.16 million, a P/E ratio of -3.03 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 posted its quarterly earnings data on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.06. On average, equities analysts expect that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in RCKT. Wellington Management Group LLP increased its position in shares of Rocket Pharmaceuticals by 24.5% during the 4th quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock valued at $175,919,000 after purchasing an additional 2,753,033 shares during the last quarter. Suvretta Capital Management LLC purchased a new position in shares of Rocket Pharmaceuticals in the 4th quarter valued at approximately $32,267,000. Janus Henderson Group PLC lifted its stake in shares of Rocket Pharmaceuticals by 111.0% in the 4th 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 during the period. Point72 Asset Management L.P. increased its position in Rocket Pharmaceuticals by 3,163.9% during the 4th quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company's stock valued at $19,733,000 after buying an additional 1,521,727 shares in the last quarter. Finally, Boxer Capital Management LLC bought a new stake in shares of Rocket Pharmaceuticals in the 4th quarter worth $18,428,000. 98.39% of the stock is currently owned by institutional investors.

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.