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

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s stock price gapped down prior to trading 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 traded.

Analyst Upgrades and Downgrades

RCKT has been the topic of several recent research reports. Needham & Company LLC reduced their price target on Rocket Pharmaceuticals from $52.00 to $42.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. BMO Capital Markets initiated coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, March 12th. They set an "outperform" rating and a $50.00 price objective for the company. Jefferies Financial Group initiated coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, December 18th. They set a "buy" rating and a $29.00 target price for the company. Wedbush started coverage on Rocket Pharmaceuticals in a report on Monday, December 30th. They set an "outperform" rating and a $32.00 price target on the stock. Finally, The Goldman Sachs Group lowered their price target on 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 investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.00.

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Rocket Pharmaceuticals Stock Performance

The company has a market cap of $898.89 million, a P/E ratio of -3.07 and a beta of 1.03. The business's 50 day simple moving average is $9.87 and its 200 day simple moving average is $13.61. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its 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. Sell-side analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several large investors have recently bought and sold shares of the business. Covestor Ltd boosted its stake in Rocket Pharmaceuticals by 33,166.7% during the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company's stock worth $25,000 after buying an additional 1,990 shares during the period. Signaturefd LLC boosted its stake in Rocket Pharmaceuticals by 319.8% during the fourth quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company's stock worth $62,000 after buying an additional 3,745 shares during the period. Harbour Investments Inc. boosted its stake in Rocket Pharmaceuticals by 51.9% during the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company's stock worth $68,000 after buying an additional 1,840 shares during the period. KBC Group NV boosted its stake in Rocket Pharmaceuticals by 159.6% during the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company's stock worth $69,000 after buying an additional 3,366 shares during the period. Finally, Virtus ETF Advisers LLC boosted its stake in Rocket Pharmaceuticals by 40.4% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company's stock worth $71,000 after buying an additional 1,628 shares during the period. 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.