Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Up 4.5% - Should You Buy?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) was up 4.5% during mid-day trading on Wednesday . The company traded as high as $5.92 and last traded at $6.07. Approximately 327,100 shares were traded during trading, a decline of 70% from the average daily volume of 1,091,784 shares. The stock had previously closed at $5.81.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on RCKT shares. The Goldman Sachs Group lowered their price objective on Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd. Scotiabank lifted their target price on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a "sector outperform" rating in a research note on Monday, March 3rd. Canaccord Genuity Group reduced their price target on Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating on the stock in a report on Monday, March 3rd. Wedbush started coverage on Rocket Pharmaceuticals in a research report on Monday, December 30th. They issued an "outperform" rating and a $32.00 price objective for the company. Finally, Jefferies Financial Group began coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, December 18th. They issued a "buy" rating and a $29.00 target price for the company. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $43.00.

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Rocket Pharmaceuticals Trading Down 4.2 %

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 company has a 50-day moving average price of $9.16 and a 200-day moving average price of $12.70. The firm has a market capitalization of $523.02 million, a price-to-earnings ratio of -1.78 and a beta of 1.00.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.68) by $0.06. As a group, research analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

Institutional Trading of Rocket Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in RCKT. Covestor Ltd raised its position in Rocket Pharmaceuticals by 33,166.7% in the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company's stock worth $25,000 after acquiring an additional 1,990 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Rocket Pharmaceuticals by 319.8% during the 4th quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company's stock worth $62,000 after acquiring an additional 3,745 shares during the period. Harbour Investments Inc. grew its position in Rocket Pharmaceuticals by 51.9% during 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 increased its stake in Rocket Pharmaceuticals by 159.6% during the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company's stock worth $69,000 after acquiring an additional 3,366 shares during the last quarter. Finally, Virtus ETF Advisers LLC raised 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 worth $71,000 after purchasing an additional 1,628 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.