Rocket Pharmaceuticals (NASDAQ:RCKT) Posts Earnings Results, Beats Expectations By $0.04 EPS

Rocket Pharmaceuticals (NASDAQ:RCKT) released its quarterly earnings data on Thursday. The biotechnology company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.04, Zacks reports. During the same period last year, the company posted ($0.62) earnings per share.

Rocket Pharmaceuticals Stock Performance

NASDAQ:RCKT traded up $0.20 during mid-day trading on Thursday, hitting $4.53. 2,924,251 shares of the stock were exchanged, compared to its average volume of 1,968,723. The firm’s 50-day simple moving average is $3.58 and its 200 day simple moving average is $3.43. The stock has a market capitalization of $490.24 million, a price-to-earnings ratio of -2.01 and a beta of 0.48. Rocket Pharmaceuticals has a fifty-two week low of $2.19 and a fifty-two week high of $9.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 7.30 and a current ratio of 7.30.

Analyst Ratings Changes

A number of analysts have commented on RCKT shares. Morgan Stanley set a $5.00 price target on shares of Rocket Pharmaceuticals in a research note on Thursday, January 8th. JPMorgan Chase & Co. cut shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a report on Tuesday, November 18th. TD Cowen upgraded Rocket Pharmaceuticals to a “hold” rating in a report on Friday, December 19th. Wedbush reissued an “outperform” rating and set a $16.00 price target on shares of Rocket Pharmaceuticals in a research report on Friday, November 7th. Finally, Bank of America dropped their price objective on Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $14.36.

Insider Buying and Selling at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah sold 12,279 shares of the firm’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,643.49. Following the transaction, the chief executive officer directly owned 1,052,045 shares of the company’s stock, valued at approximately $3,482,268.95. This trade represents a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Martin Wilson sold 12,253 shares of Rocket Pharmaceuticals stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $3.31, for a total transaction of $40,557.43. Following the completion of the sale, the general counsel owned 683,376 shares of the company’s stock, valued at $2,261,974.56. This trade represents a 1.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,415 shares of company stock worth $97,398 in the last quarter. Company insiders own 24.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Prudential Financial Inc. acquired a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at approximately $25,000. CANADA LIFE ASSURANCE Co boosted its position in Rocket Pharmaceuticals by 94.4% in the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 5,926 shares in the last quarter. Franklin Resources Inc. bought a new stake in shares of Rocket Pharmaceuticals during the fourth quarter worth $38,000. Virtu Financial LLC bought a new stake in shares of Rocket Pharmaceuticals during the third quarter worth $40,000. Finally, Ameriprise Financial Inc. acquired a new position in shares of Rocket Pharmaceuticals during the third quarter worth $43,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.