Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Up 8.9% - Still a Buy?

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) rose 8.9% during trading on Monday . The stock traded as high as $6.66 and last traded at $6.90. Approximately 196,975 shares were traded during trading, a decline of 85% from the average daily volume of 1,274,607 shares. The stock had previously closed at $6.33.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RCKT. Chardan Capital decreased their price objective on Rocket Pharmaceuticals from $62.00 to $54.00 and set a "buy" rating on the stock in a report on Friday, February 28th. BMO Capital Markets assumed coverage on Rocket Pharmaceuticals in a report on Wednesday, March 12th. They set an "outperform" rating and a $50.00 price target for the company. Scotiabank raised their price objective on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a "sector outperform" rating in a research report on Monday, March 3rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $42.00 target price on shares of Rocket Pharmaceuticals in a research report on Wednesday, April 9th. Finally, Canaccord Genuity Group dropped their price target on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" 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's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $43.00.

Rocket Pharmaceuticals Stock Performance

The stock has a market capitalization of $770.93 million, a PE ratio of -2.63 and a beta of 1.00. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The firm's 50 day moving average is $7.64 and its two-hundred day moving average is $11.40.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its quarterly earnings data on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, topping 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 year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah bought 20,000 shares of the company's stock in a transaction that occurred on Thursday, April 10th. The shares were purchased at an average price of $5.08 per share, with a total value of $101,600.00. Following the completion of the acquisition, the chief executive officer now directly owns 792,680 shares of the company's stock, valued at $4,026,814.40. This represents a 2.59 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kinnari Patel purchased 21,099 shares of the firm's stock in a transaction on Wednesday, April 9th. The shares were acquired at an average cost of $4.70 per share, with a total value of $99,165.30. Following the completion of the acquisition, the insider now directly owns 26,774 shares in the company, valued at $125,837.80. The trade was a 371.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 28.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RCKT. Wellington Management Group LLP boosted its position in shares of Rocket Pharmaceuticals by 24.5% in the 4th quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock valued at $175,919,000 after purchasing an additional 2,753,033 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Rocket Pharmaceuticals by 18.8% in the fourth quarter. Vanguard Group Inc. now owns 6,577,595 shares of the biotechnology company's stock valued at $82,680,000 after acquiring an additional 1,040,655 shares during the period. Janus Henderson Group PLC grew its position in shares of Rocket Pharmaceuticals by 111.0% during the fourth quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company's stock worth $50,343,000 after acquiring an additional 2,106,699 shares during the last quarter. Suvretta Capital Management LLC purchased a new position in shares of Rocket Pharmaceuticals during the fourth quarter worth approximately $32,267,000. Finally, Geode Capital Management LLC increased its holdings in shares of Rocket Pharmaceuticals by 8.4% in the 4th quarter. Geode Capital Management LLC now owns 1,752,975 shares of the biotechnology company's stock valued at $22,041,000 after acquiring an additional 135,109 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.