Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Down 3.6% - What's Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s stock price dropped 3.6% on Tuesday . The company traded as low as $6.93 and last traded at $6.91. Approximately 610,802 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 1,291,640 shares. The stock had previously closed at $7.17.

Analyst Ratings Changes

A number of research analysts recently issued reports on RCKT shares. Needham & Company LLC restated a "buy" rating and set a $42.00 target price on shares of Rocket Pharmaceuticals in a research report on Wednesday, April 9th. BMO Capital Markets began coverage on Rocket Pharmaceuticals in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $50.00 target price on the stock. Scotiabank lifted their price target on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Monday, March 3rd. Chardan Capital lowered their price objective on Rocket Pharmaceuticals from $62.00 to $54.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. Finally, The Goldman Sachs Group dropped their price objective 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. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $43.00.

Rocket Pharmaceuticals Stock Down 2.7 %

The stock has a market cap of $770.93 million, a price-to-earnings ratio of -2.63 and a beta of 1.00. The business's 50 day moving average is $7.64 and its 200-day moving average is $11.36. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.06. On average, sell-side analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, CEO Gaurav Shah bought 20,000 shares of the company's stock in a transaction dated Thursday, April 10th. The stock was acquired 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kinnari Patel purchased 21,099 shares of the firm's stock in a transaction dated Wednesday, April 9th. The stock was acquired at an average cost of $4.70 per share, for a total transaction of $99,165.30. Following the completion of the purchase, the insider now owns 26,774 shares of the company's stock, valued at approximately $125,837.80. This represents a 371.79 % increase in their position. The disclosure for this purchase can be found here. 28.50% of the stock is owned by company insiders.

Institutional Trading of Rocket Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its position in shares of Rocket Pharmaceuticals by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company's stock valued at $29,888,000 after purchasing an additional 14,256 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in Rocket Pharmaceuticals by 7.4% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 237,499 shares of the biotechnology company's stock valued at $2,985,000 after buying an additional 16,453 shares in the last quarter. Mirador Capital Partners LP increased its stake in shares of Rocket Pharmaceuticals by 403.9% in the 4th quarter. Mirador Capital Partners LP now owns 84,529 shares of the biotechnology company's stock worth $1,063,000 after acquiring an additional 67,755 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Rocket Pharmaceuticals by 796.2% during the 4th quarter. SG Americas Securities LLC now owns 54,921 shares of the biotechnology company's stock worth $690,000 after acquiring an additional 48,793 shares during the period. Finally, KBC Group NV boosted its position in shares of Rocket Pharmaceuticals by 159.6% during the 4th 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 last quarter. Institutional investors and hedge funds 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.