Rocket Pharmaceuticals (NASDAQ:RCKT) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Rocket Pharmaceuticals (NASDAQ:RCKT) posted its quarterly earnings results on Thursday. The biotechnology company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.01), Zacks reports. During the same period last year, the business earned ($0.56) EPS.

Rocket Pharmaceuticals Stock Down 1.1%

NASDAQ RCKT traded down $0.04 during trading on Friday, hitting $3.63. 3,682,797 shares of the company traded hands, compared to its average volume of 2,125,075. Rocket Pharmaceuticals has a 12 month low of $2.19 and a 12 month high of $7.39. The business has a fifty day simple moving average of $4.09 and a 200 day simple moving average of $3.69. The company has a market capitalization of $396.11 million, a P/E ratio of -1.94 and a beta of 0.52. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.07.

Insider Activity

In related news, General Counsel Martin Wilson sold 12,253 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,557.43. Following the transaction, the general counsel directly owned 683,376 shares of the company’s stock, valued at approximately $2,261,974.56. This trade represents a 1.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gaurav Shah sold 12,279 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,643.49. Following the completion of the sale, the chief executive officer 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 disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 29,415 shares of company stock valued at $97,398. 21.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Prudential Financial Inc. acquired a new stake in shares of Rocket Pharmaceuticals in the second quarter worth $25,000. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Rocket Pharmaceuticals by 94.4% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock worth $29,000 after buying an additional 5,926 shares during the period. Franklin Resources Inc. acquired a new position in Rocket Pharmaceuticals in the 4th quarter valued at $38,000. Virtu Financial LLC bought a new position in Rocket Pharmaceuticals in the 3rd quarter worth $40,000. Finally, Ameriprise Financial Inc. bought a new position in Rocket Pharmaceuticals in the 3rd quarter worth $43,000. Institutional investors own 98.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. The Goldman Sachs Group upped their target price on Rocket Pharmaceuticals to $3.00 and gave the stock a “sell” rating in a research report on Monday, March 2nd. Wall Street Zen cut Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday, March 8th. Cantor Fitzgerald increased their price objective on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, February 27th. Bank of America raised their price objective on shares of Rocket Pharmaceuticals from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Monday, March 30th. Finally, Weiss Ratings upgraded shares of Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Rocket Pharmaceuticals currently has an average rating of “Hold” and a consensus target price of $11.54.

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.