Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Passes Below Two Hundred Day Moving Average – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price crossed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $3.65 and traded as low as $3.62. Rocket Pharmaceuticals shares last traded at $3.72, with a volume of 1,719,516 shares trading hands.

Wall Street Analyst Weigh In

RCKT has been the topic of several analyst reports. Chardan Capital reaffirmed a “buy” rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, May 11th. Bank of America increased their price objective on Rocket Pharmaceuticals from $8.00 to $9.00 and gave the company a “buy” rating in a report on Monday, March 30th. Weiss Ratings cut Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 29th. Finally, Wall Street Zen upgraded Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $8.88.

Rocket Pharmaceuticals Stock Performance

The company has a market cap of $398.56 million, a PE ratio of -1.95 and a beta of 0.45. The company has a current ratio of 6.12, a quick ratio of 6.12 and a debt-to-equity ratio of 0.08. The firm’s 50-day simple moving average is $3.29 and its two-hundred day simple moving average is $3.65.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.01). During the same quarter last year, the business posted ($0.56) EPS. As a group, research analysts anticipate that Rocket Pharmaceuticals, Inc. will post -1.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 55,684 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $3.09, for a total transaction of $172,063.56. Following the sale, the chief executive officer owned 1,061,724 shares in the company, valued at approximately $3,280,727.16. The trade was a 4.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sarbani Chaudhuri sold 17,650 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $3.84, for a total value of $67,776.00. Following the completion of the transaction, the insider directly owned 267,510 shares in the company, valued at $1,027,238.40. This represents a 6.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 83,733 shares of company stock worth $275,307. 21.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of Rocket Pharmaceuticals by 73.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,097,033 shares of the biotechnology company’s stock valued at $6,836,000 after buying an additional 889,231 shares during the last quarter. Hudson Bay Capital Management LP boosted its stake in shares of Rocket Pharmaceuticals by 26.6% in the third quarter. Hudson Bay Capital Management LP now owns 34,700 shares of the biotechnology company’s stock worth $113,000 after buying an additional 7,300 shares during the last quarter. Ground Swell Capital LLC purchased a new stake in shares of Rocket Pharmaceuticals in the first quarter worth about $50,000. Assenagon Asset Management S.A. grew its holdings in Rocket Pharmaceuticals by 204.6% during the first quarter. Assenagon Asset Management S.A. now owns 99,026 shares of the biotechnology company’s stock worth $355,000 after acquiring an additional 66,511 shares during the period. Finally, Krilogy Financial LLC acquired a new stake in Rocket Pharmaceuticals during the first quarter worth about $62,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

About Rocket Pharmaceuticals

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.