Rocket Pharmaceuticals (NASDAQ:RCKT) Reaches New 12-Month Low – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $10.05 and last traded at $10.04, with a volume of 494466 shares. The stock had previously closed at $10.34.

Wall Street Analysts Forecast Growth

RCKT has been the topic of several recent research reports. 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 began coverage on Rocket Pharmaceuticals in a research report on Monday, December 30th. They set an “outperform” rating and a $32.00 price objective for the company. Jefferies Financial Group initiated coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They set a “buy” rating and a $29.00 price target on the stock. Leerink Partners reduced their target price on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a report on Tuesday, November 19th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $39.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Rocket Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $47.27.

Rocket Pharmaceuticals Trading Down 0.2 %

The company has a 50-day simple moving average of $11.55 and a 200-day simple moving average of $15.64. 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 stock has a market cap of $898.84 million, a P/E ratio of -3.59 and a beta of 0.98.

Insiders Place Their Bets

In other news, CEO Gaurav Shah sold 11,091 shares of Rocket Pharmaceuticals 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 directly owns 707,328 shares of the company’s stock, valued at $9,230,630.40. This trade 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 through this hyperlink. Insiders have sold a total of 14,386 shares of company stock valued at $185,345 in the last 90 days. 28.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Rocket Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock valued at $61,000 after purchasing an additional 582 shares in the last quarter. Signaturefd LLC increased its position in shares of Rocket Pharmaceuticals by 319.8% in the fourth quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock worth $62,000 after purchasing an additional 3,745 shares during the period. Harbour Investments Inc. lifted its stake in Rocket Pharmaceuticals by 51.9% during the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock worth $68,000 after purchasing an additional 1,840 shares during the last quarter. KBC Group NV grew its holdings 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 purchasing an additional 3,366 shares during the last quarter. Finally, Values First Advisors Inc. bought a new position in Rocket Pharmaceuticals in the third quarter valued at about $108,000. Institutional investors own 98.39% of the company’s stock.

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.