Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Down 6.1% - Here's What Happened

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) shares dropped 6.1% on Tuesday . The stock traded as low as $8.23 and last traded at $8.19. Approximately 608,508 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 1,003,401 shares. The stock had previously closed at $8.73.

Analyst Ratings Changes

Several brokerages recently issued reports on RCKT. Jefferies Financial Group assumed coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They issued a "buy" rating and a $29.00 target price for the company. Needham & Company LLC decreased their price target on shares of Rocket Pharmaceuticals from $52.00 to $42.00 and set a "buy" rating for the company in a research note on Friday, February 28th. Canaccord Genuity Group lowered their price objective on Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. Scotiabank upped their target price on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a "sector outperform" rating in a research report on Monday, March 3rd. Finally, The Goldman Sachs Group dropped their price target on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $43.00.

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Rocket Pharmaceuticals Stock Performance

The firm has a 50 day moving average of $9.62 and a 200-day moving average of $13.24. The stock has a market capitalization of $809.32 million, a PE ratio of -2.76 and a beta of 1.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current 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. Research analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Institutional Trading of Rocket Pharmaceuticals

A number of hedge funds have recently bought and sold shares of RCKT. Rhumbline Advisers grew its position in Rocket Pharmaceuticals by 1.3% in the fourth quarter. Rhumbline Advisers now owns 99,339 shares of the biotechnology company's stock worth $1,249,000 after acquiring an additional 1,242 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Rocket Pharmaceuticals by 4.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 32,422 shares of the biotechnology company's stock valued at $408,000 after purchasing an additional 1,280 shares during the period. Arizona State Retirement System grew its stake in shares of Rocket Pharmaceuticals by 8.4% during the 4th quarter. Arizona State Retirement System now owns 19,826 shares of the biotechnology company's stock valued at $249,000 after purchasing an additional 1,528 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Rocket Pharmaceuticals by 1.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,633 shares of the biotechnology company's stock worth $2,210,000 after buying an additional 1,561 shares in the last quarter. Finally, Virtus ETF Advisers LLC lifted its stake in shares of Rocket Pharmaceuticals by 40.4% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company's stock valued at $71,000 after buying an additional 1,628 shares in the last quarter. 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.