Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Up 6.9% – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price rose 6.9% during mid-day trading on Tuesday . The stock traded as high as $13.20 and last traded at $13.20. 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 Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Scotiabank started coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price target for the company. Chardan Capital reaffirmed a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Monday, November 18th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $39.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Leerink Partners decreased their price objective on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.27.

Rocket Pharmaceuticals Trading Down 6.1 %

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

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 11,091 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $13.05, for a total value of $144,737.55. Following the completion of the sale, the chief executive officer now directly owns 707,328 shares of the company’s stock, valued at $9,230,630.40. This trade represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 13,490 shares of company stock worth $176,045 over the last quarter. 28.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of Rocket Pharmaceuticals by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock valued at $29,888,000 after purchasing an additional 14,256 shares during the last quarter. Main Management ETF Advisors LLC bought a new stake in shares of Rocket Pharmaceuticals during the 3rd quarter worth about $602,000. XTX Topco Ltd acquired a new position in Rocket Pharmaceuticals in the 3rd quarter valued at about $286,000. Wellington Management Group LLP raised its holdings in Rocket Pharmaceuticals by 22.8% in the 3rd quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock valued at $207,642,000 after acquiring an additional 2,086,424 shares during the period. Finally, Sphera Funds Management LTD. raised its holdings in Rocket Pharmaceuticals by 12.0% in the 3rd quarter. Sphera Funds Management LTD. now owns 231,792 shares of the biotechnology company’s stock valued at $4,281,000 after acquiring an additional 24,859 shares during the period. Institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

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.