Rocket Pharmaceuticals (NASDAQ:RCKT) Share Price Crosses Below 50-Day Moving Average – Time to Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares crossed below its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $3.43 and traded as low as $2.51. Rocket Pharmaceuticals shares last traded at $2.61, with a volume of 2,074,041 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Weiss Ratings cut Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 11th. Chardan Capital restated a “buy” rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, September 15th. Needham & Company LLC raised shares of Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price target on the stock in a research report on Wednesday, September 16th. Wall Street Zen upgraded Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Wedbush reissued an “outperform” rating and issued a $15.00 price objective on shares of Rocket Pharmaceuticals in a report on Wednesday, September 16th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.62.

Rocket Pharmaceuticals Trading Up 1.5%

The firm’s fifty day moving average price is $3.41 and its 200-day moving average price is $3.50. The company has a market cap of $288.71 million, a price-to-earnings ratio of -15.47 and a beta of 0.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.24 and a quick ratio of 9.24.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.22. During the same quarter last year, the firm posted ($0.62) earnings per share. On average, equities analysts expect that Rocket Pharmaceuticals, Inc. will post -1.36 EPS for the current fiscal year.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, COO Christopher Stevens sold 36,658 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total transaction of $128,303.00. Following the completion of the sale, the chief operating officer directly owned 505,784 shares in the company, valued at approximately $1,770,244. This trade represents a 6.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Martin Wilson sold 75,364 shares of the company’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $3.40, for a total transaction of $256,237.60. Following the completion of the transaction, the general counsel directly owned 598,489 shares in the company, valued at $2,034,862.60. This trade represents a 11.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 125,977 shares of company stock valued at $432,273. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several large investors have recently bought and sold shares of RCKT. Opaleye Management Inc. lifted its position in shares of Rocket Pharmaceuticals by 4.7% during the 2nd quarter. Opaleye Management Inc. now owns 1,000,000 shares of the biotechnology company’s stock worth $3,420,000 after buying an additional 45,000 shares during the period. Squarepoint Ops LLC increased its holdings in shares of Rocket Pharmaceuticals by 524.9% in the second quarter. Squarepoint Ops LLC now owns 181,147 shares of the biotechnology company’s stock valued at $620,000 after purchasing an additional 152,161 shares in the last quarter. Corient Private Wealth LP raised its position in shares of Rocket Pharmaceuticals by 17.0% during the second quarter. Corient Private Wealth LP now owns 37,819 shares of the biotechnology company’s stock worth $129,000 after acquiring an additional 5,501 shares during the last quarter. HB Wealth Management LLC acquired a new position in Rocket Pharmaceuticals during the 2nd quarter valued at about $36,000. Finally, Wellington Management Group LLP acquired a new position in Rocket Pharmaceuticals in the second quarter valued at approximately $211,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) vector platforms to deliver genetic material intended to address the underlying causes of inherited disorders, with research programs spanning hematology, immunology, metabolic disease and cardiac conditions.

Rocket’s pipeline has included RP-L102 for Fanconi anemia, a rare inherited bone marrow failure disorder; RP-L201 for leukocyte adhesion deficiency-I, an immune-system disorder; and RP-L301 for pyruvate kinase deficiency, a rare red blood cell disorder.