Rocket Pharmaceuticals (NASDAQ:RCKT) Trading 3.7% Higher - What's Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) shot up 3.7% during mid-day trading on Tuesday . The stock traded as high as $12.70 and last traded at $12.48. 335,030 shares changed hands during trading, a decline of 61% from the average session volume of 856,430 shares. The stock had previously closed at $12.03.

Analyst Ratings Changes

RCKT has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Cantor Fitzgerald restated an "overweight" rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Wedbush initiated coverage on shares of Rocket Pharmaceuticals in a research report on Monday. They set an "outperform" rating and a $32.00 price objective on the stock. Scotiabank assumed coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued a "sector outperform" rating and a $50.00 target price for the company. Finally, Chardan Capital reiterated a "buy" rating and set a $62.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.27.

Rocket Pharmaceuticals Stock Up 4.5 %

The business has a 50 day simple moving average of $14.39 and a 200 day simple moving average of $18.07. 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 cap of $1.15 billion, a PE ratio of -4.57 and a beta of 1.01.

Insider Activity at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 11,091 shares of the firm'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 transaction, the chief executive officer now owns 707,328 shares in the company, valued at approximately $9,230,630.40. This trade represents a 1.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders sold 13,490 shares of company stock valued at $176,045. 28.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds have recently bought and sold shares of RCKT. Bank of New York Mellon Corp lifted its position in shares of Rocket Pharmaceuticals by 10.4% in the second quarter. Bank of New York Mellon Corp now owns 239,877 shares of the biotechnology company's stock worth $5,165,000 after buying an additional 22,521 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Rocket Pharmaceuticals by 30.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,092 shares of the biotechnology company's stock worth $368,000 after purchasing an additional 3,995 shares during the period. Rhumbline Advisers grew its holdings in Rocket Pharmaceuticals by 5.2% during the second quarter. Rhumbline Advisers now owns 101,134 shares of the biotechnology company's stock valued at $2,177,000 after purchasing an additional 4,958 shares during the last quarter. TD Asset Management Inc grew its holdings in Rocket Pharmaceuticals by 14.8% during the second quarter. TD Asset Management Inc now owns 178,164 shares of the biotechnology company's stock valued at $3,836,000 after purchasing an additional 23,000 shares during the last quarter. Finally, Torray Investment Partners LLC raised its position in shares of Rocket Pharmaceuticals by 10.3% in the second quarter. Torray Investment Partners LLC now owns 67,216 shares of the biotechnology company's stock valued at $1,447,000 after purchasing an additional 6,283 shares during the period. 98.39% of the stock is owned by institutional investors and hedge funds.

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.