Rocket Pharmaceuticals (NASDAQ:RCKT) Trading 6.9% Higher – Time to Buy?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares rose 6.9% during mid-day trading on Tuesday . The stock traded as high as $13.20 and last traded at $13.20. Approximately 427,142 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 1,058,396 shares. The stock had previously closed at $12.35.

Wall Street Analyst Weigh In

A number of brokerages have commented on RCKT. Scotiabank started coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Leerink Partners dropped their price objective on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. Chardan Capital restated a “buy” rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a research report on Monday, November 18th. Finally, Wedbush assumed coverage on shares of Rocket Pharmaceuticals in a research report on Monday, December 30th. They issued an “outperform” rating and a $32.00 price target for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Rocket Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $47.27.

Rocket Pharmaceuticals Stock Performance

The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The company has a market cap of $1.07 billion, a P/E ratio of -4.29 and a beta of 1.01. The company has a 50 day moving average price of $13.71 and a 200-day moving average price of $17.66.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 11,091 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total transaction of $144,737.55. Following the completion of the transaction, the chief executive officer now directly owns 707,328 shares in the company, valued at approximately $9,230,630.40. This represents a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 13,490 shares of company stock worth $176,045 over the last 90 days. Insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Rocket Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock worth $61,000 after purchasing an additional 582 shares during the last quarter. Values First Advisors Inc. bought a new stake in Rocket Pharmaceuticals during the 3rd quarter worth approximately $108,000. SG Americas Securities LLC acquired a new position in Rocket Pharmaceuticals in the 3rd quarter valued at approximately $113,000. XTX Topco Ltd bought a new position in shares of Rocket Pharmaceuticals during the third quarter valued at $286,000. Finally, Verition Fund Management LLC acquired a new position in shares of Rocket Pharmaceuticals during the third quarter worth $290,000. Institutional investors and hedge funds 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.