Synovus Financial Corp Decreases Stake in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

Synovus Financial Corp lowered its position in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Free Report) by 43.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 95,504 shares of the biotechnology company's stock after selling 72,586 shares during the period. Synovus Financial Corp owned about 0.10% of Rocket Pharmaceuticals worth $1,764,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RCKT. Nisa Investment Advisors LLC grew its holdings in shares of Rocket Pharmaceuticals by 31.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company's stock valued at $68,000 after purchasing an additional 764 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Rocket Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company's stock valued at $61,000 after acquiring an additional 582 shares during the last quarter. Values First Advisors Inc. purchased a new stake in Rocket Pharmaceuticals during the 3rd quarter valued at about $108,000. SG Americas Securities LLC purchased a new stake in shares of Rocket Pharmaceuticals during the third quarter valued at approximately $113,000. Finally, Dana Investment Advisors Inc. increased its holdings in Rocket Pharmaceuticals by 4.4% during the 2nd quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company's stock valued at $298,000 after purchasing an additional 586 shares during the period. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 11,091 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total value of $144,737.55. Following the transaction, the chief executive officer now directly owns 707,328 shares in the company, valued at $9,230,630.40. This represents a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 13,490 shares of company stock valued at $176,045 in the last three months. 28.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on RCKT shares. Canaccord Genuity Group reissued a "buy" rating and issued a $39.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Needham & Company LLC restated a "buy" rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Scotiabank initiated coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They issued a "sector outperform" rating and a $50.00 price target on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. 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 research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.00.

Rocket Pharmaceuticals Trading Down 2.2 %

Shares of RCKT stock traded down $0.26 on Monday, hitting $11.76. The stock had a trading volume of 1,446,005 shares, compared to its average volume of 826,219. The company's 50 day moving average price is $15.53 and its 200-day moving average price is $18.83. Rocket Pharmaceuticals, Inc. has a 1 year low of $11.74 and a 1 year high of $32.53. The firm has a market capitalization of $1.07 billion, a P/E ratio of -4.28 and a beta of 1.01. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

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.