Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Down 6.1% – Here’s What Happened

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares fell 6.1% on Tuesday . The company traded as low as $8.23 and last traded at $8.19. 608,508 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 1,003,401 shares. The stock had previously closed at $8.73.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RCKT shares. BMO Capital Markets initiated coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, March 12th. They set an “outperform” rating and a $50.00 target price on the stock. Wedbush assumed coverage on Rocket Pharmaceuticals in a report on Monday, December 30th. They issued an “outperform” rating and a $32.00 price target for the company. Needham & Company LLC dropped their price objective on Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Chardan Capital cut their price objective on Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Finally, Canaccord Genuity Group reduced their target price on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Rocket Pharmaceuticals Stock Performance

The company has a market cap of $871.17 million, a price-to-earnings ratio of -2.97 and a beta of 1.03. The firm’s 50 day simple moving average is $9.83 and its 200-day simple moving average is $13.52. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05.

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

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in RCKT. Covestor Ltd grew its holdings in Rocket Pharmaceuticals by 33,166.7% in the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 1,990 shares in the last quarter. Signaturefd LLC boosted its position in shares of Rocket Pharmaceuticals by 319.8% during the 4th quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock valued at $62,000 after acquiring an additional 3,745 shares during the last quarter. Harbour Investments Inc. grew its holdings in shares of 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 period. KBC Group NV increased its position in Rocket Pharmaceuticals by 159.6% during the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock worth $69,000 after purchasing an additional 3,366 shares during the last quarter. Finally, Virtus ETF Advisers LLC raised its stake in Rocket Pharmaceuticals by 40.4% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock worth $71,000 after purchasing an additional 1,628 shares during the period. Hedge funds and other 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.