Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Up 8.9% – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) rose 8.9% during trading on Monday . The stock traded as high as $6.66 and last traded at $6.90. Approximately 196,975 shares were traded during trading, a decline of 85% from the average daily volume of 1,274,607 shares. The stock had previously closed at $6.33.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. BMO Capital Markets initiated coverage on Rocket Pharmaceuticals in a report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 target price on the stock. Wedbush assumed coverage on shares of Rocket Pharmaceuticals in a research report on Monday, December 30th. They issued an “outperform” rating and a $32.00 price objective on the stock. Chardan Capital reduced their target price on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating for the company in a report on Friday, February 28th. Scotiabank upped their price target on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Monday, March 3rd. Finally, Canaccord Genuity Group reduced their price objective on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating for the company in a report on Monday, March 3rd. 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.00.

Rocket Pharmaceuticals Stock Performance

The stock has a market cap of $743.21 million, a P/E ratio of -2.53 and a beta of 1.00. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The stock has a 50 day simple moving average of $7.84 and a 200 day simple moving average of $11.56.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) EPS for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.06. On average, equities analysts expect that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, insider Kinnari Patel acquired 21,099 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 26,774 shares in the company, valued at $125,837.80. This represents a 371.79 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Aaron Ondrey sold 7,489 shares of the firm’s stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $5.29, for a total value of $39,616.81. Following the completion of the sale, the chief financial officer now directly owns 129,650 shares in the company, valued at $685,848.50. This trade represents a 5.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Covestor Ltd increased its position 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 purchasing an additional 1,990 shares in the last quarter. Signaturefd LLC increased its holdings in shares of Rocket Pharmaceuticals by 319.8% during the fourth quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock worth $62,000 after buying an additional 3,745 shares in the last quarter. Harbour Investments Inc. increased its holdings in shares of 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 buying an additional 1,840 shares in the last quarter. KBC Group NV lifted its stake in shares of Rocket Pharmaceuticals by 159.6% in 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. Finally, Virtus ETF Advisers LLC boosted its holdings in shares of Rocket Pharmaceuticals by 40.4% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock valued at $71,000 after acquiring an additional 1,628 shares in the last quarter. Institutional investors 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.