Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 1-Year Low – Should You Sell?

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) hit a new 52-week low during trading on Thursday . The company traded as low as $11.40 and last traded at $11.53, with a volume of 135964 shares trading hands. The stock had previously closed at $11.74.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RCKT. Scotiabank assumed coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price objective on the stock. Jefferies Financial Group started coverage on Rocket Pharmaceuticals in a research report on Wednesday. They issued a “buy” rating and a $29.00 price objective for the company. Leerink Partners decreased their target price on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a report on Tuesday, November 19th. Chardan Capital reaffirmed a “buy” rating and set a $62.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $39.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rocket Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $48.80.

Rocket Pharmaceuticals Price Performance

The company has a market capitalization of $1.05 billion, a P/E ratio of -4.20 and a beta of 1.01. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The company’s fifty day moving average price is $15.22 and its 200 day moving average price is $18.67.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Novo Holdings A S grew its position in Rocket Pharmaceuticals by 4.8% during the 2nd quarter. Novo Holdings A S now owns 1,100,000 shares of the biotechnology company’s stock worth $23,683,000 after acquiring an additional 50,000 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Rocket Pharmaceuticals during the second quarter worth about $2,144,000. First Turn Management LLC increased its stake in shares of Rocket Pharmaceuticals by 10.8% in the third quarter. First Turn Management LLC now owns 621,306 shares of the biotechnology company’s stock valued at $11,476,000 after buying an additional 60,317 shares during the period. Maverick Capital Ltd. increased its stake in shares of Rocket Pharmaceuticals by 1.0% in the second quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company’s stock valued at $84,577,000 after buying an additional 40,000 shares during the period. Finally, Westfield Capital Management Co. LP raised its holdings in Rocket Pharmaceuticals by 3.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock valued at $83,001,000 after buying an additional 165,911 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.