Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Gap Up - Should You Buy?

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $11.92, but opened at $12.71. Rocket Pharmaceuticals shares last traded at $12.29, with a volume of 166,612 shares.

Analysts Set New Price Targets

Several brokerages have issued reports on RCKT. Needham & Company LLC reaffirmed a "buy" rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Chardan Capital reiterated a "buy" rating and issued a $62.00 price target on shares of Rocket Pharmaceuticals in a research note on Monday, November 18th. Canaccord Genuity Group restated a "buy" rating and set a $39.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Scotiabank assumed coverage on Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They set a "sector outperform" rating and a $50.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $48.80.

Rocket Pharmaceuticals Price Performance

The firm has a market capitalization of $1.07 billion, a P/E ratio of -4.27 and a beta of 1.01. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The business's 50 day moving average is $15.42 and its 200-day moving average is $18.77.

Insider Activity

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 11,091 shares of the business's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total transaction of $144,737.55. Following the sale, the chief executive officer now owns 707,328 shares of the company's stock, valued at approximately $9,230,630.40. The trade was a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders have sold 13,490 shares of company stock worth $176,045. Insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Rocket Pharmaceuticals by 22.8% during the third quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company's stock valued at $207,642,000 after acquiring an additional 2,086,424 shares during the last quarter. Westfield Capital Management Co. LP raised 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 during the last quarter. Maverick Capital Ltd. lifted its holdings in Rocket Pharmaceuticals by 4.8% during the 3rd quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company's stock worth $76,072,000 after buying an additional 190,360 shares during the period. State Street Corp lifted its holdings in Rocket Pharmaceuticals by 11.6% during the 3rd quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company's stock worth $57,294,000 after buying an additional 322,156 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Rocket Pharmaceuticals by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company's stock valued at $29,888,000 after buying an additional 14,256 shares during the last quarter. Institutional investors own 98.39% of the company's stock.

Rocket Pharmaceuticals Company Profile

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.