Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Gap Down - Here's What Happened

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $8.83, but opened at $8.54. Rocket Pharmaceuticals shares last traded at $8.37, with a volume of 86,385 shares.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RCKT. Jefferies Financial Group began coverage on Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They issued a "buy" rating and a $29.00 target price on the stock. Scotiabank raised their price target on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a "sector outperform" rating in a report on Monday, March 3rd. Chardan Capital reduced their price objective on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a "buy" rating for the company in a report on Friday, February 28th. Wedbush assumed coverage on shares of Rocket Pharmaceuticals in a research note on Monday, December 30th. They set an "outperform" rating and a $32.00 target price on the stock. Finally, Canaccord Genuity Group dropped their price target on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating on the stock 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 stock. According to MarketBeat, Rocket Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $43.00.

Rocket Pharmaceuticals Stock Down 1.7 %

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 capitalization of $887.16 million, a P/E ratio of -3.03 and a beta of 1.03. The stock's fifty day moving average is $10.00 and its two-hundred day moving average is $13.76.

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

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Rocket Pharmaceuticals during the third quarter valued at about $636,000. Jennison Associates LLC lifted its position in shares of Rocket Pharmaceuticals by 33.2% in the 3rd quarter. Jennison Associates LLC now owns 40,740 shares of the biotechnology company's stock valued at $752,000 after acquiring an additional 10,162 shares in the last quarter. Intech Investment Management LLC acquired a new position in Rocket Pharmaceuticals in the 3rd quarter worth approximately $527,000. Charles Schwab Investment Management Inc. boosted its stake in Rocket Pharmaceuticals by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,814 shares of the biotechnology company's stock worth $10,524,000 after purchasing an additional 20,322 shares during the period. Finally, Westfield Capital Management Co. LP grew 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. Hedge funds and other institutional investors 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.