Rocket Pharmaceuticals (NASDAQ:RCKT) Sets New 12-Month Low Following Analyst Downgrade

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price reached a new 52-week low on Monday after The Goldman Sachs Group lowered their price target on the stock from $29.00 to $15.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rocket Pharmaceuticals traded as low as $8.93 and last traded at $8.89, with a volume of 871555 shares traded. The stock had previously closed at $9.45.

A number of other analysts also recently commented on the company. Cantor Fitzgerald restated an “overweight” rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Leerink Partners dropped their price target on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. Scotiabank lifted their price objective on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Monday. Wedbush started coverage on Rocket Pharmaceuticals in a report on Monday, December 30th. They set an “outperform” rating and a $32.00 target price for the company. Finally, Chardan Capital cut their price target on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating on the stock in a report on Friday. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Rocket Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $42.30.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RCKT. Covestor Ltd increased its stake in Rocket Pharmaceuticals by 33,166.7% during the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock worth $25,000 after buying an additional 1,990 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Rocket Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock worth $61,000 after acquiring an additional 582 shares during the last quarter. Signaturefd LLC lifted its stake 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 acquiring an additional 3,745 shares in the last quarter. Harbour Investments Inc. boosted its holdings in Rocket Pharmaceuticals by 51.9% in the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock valued at $68,000 after purchasing an additional 1,840 shares during the last quarter. Finally, KBC Group NV boosted its holdings in Rocket Pharmaceuticals by 159.6% in the fourth 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. 98.39% of the stock is owned by institutional investors and hedge funds.

Rocket Pharmaceuticals Trading Down 6.9 %

The business has a 50 day simple moving average of $10.89 and a two-hundred day simple moving average of $14.66. The stock has a market cap of $801.91 million, a price-to-earnings ratio of -3.22 and a beta of 0.98. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued 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, equities analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

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.