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

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $8.21, but opened at $8.74. Rocket Pharmaceuticals shares last traded at $8.32, with a volume of 206,657 shares trading hands.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Needham & Company LLC cut their target price 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. Canaccord Genuity Group decreased their price target 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. Leerink Partners dropped their target price on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an "outperform" rating for the company in a report on Tuesday, November 19th. The Goldman Sachs Group cut their price target on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating on the stock in a research note on Monday, March 3rd. Finally, BMO Capital Markets started coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday. They set an "outperform" rating and a $50.00 price target on the stock. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $43.00.

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Rocket Pharmaceuticals Stock Performance

The stock has a market cap of $906.36 million, a PE ratio of -3.09 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. The firm has a 50 day moving average of $10.38 and a two-hundred day moving average of $14.12.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last issued 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. Research analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds have recently made changes to their positions in the company. Covestor Ltd boosted its position in shares of Rocket Pharmaceuticals by 33,166.7% in the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company's stock valued at $25,000 after purchasing an additional 1,990 shares during the period. Signaturefd LLC lifted its stake in Rocket Pharmaceuticals by 319.8% in the fourth quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company's stock valued at $62,000 after buying an additional 3,745 shares during the last quarter. Harbour Investments Inc. boosted its holdings in shares of Rocket Pharmaceuticals by 51.9% in the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company's stock valued at $68,000 after acquiring an additional 1,840 shares during the period. KBC Group NV boosted its holdings in shares of Rocket Pharmaceuticals by 159.6% in the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company's stock valued at $69,000 after acquiring an additional 3,366 shares during the period. Finally, Virtus ETF Advisers LLC increased its holdings in shares of Rocket Pharmaceuticals by 40.4% in the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company's stock valued at $71,000 after acquiring an additional 1,628 shares during the period. 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.