Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 12-Month Low – What’s Next?

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) hit a new 52-week low during trading on Monday . The company traded as low as $10.05 and last traded at $10.04, with a volume of 494466 shares trading hands. The stock had previously closed at $10.34.

Analyst Ratings Changes

A number of analysts recently issued reports on RCKT shares. Chardan Capital reissued a “buy” rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Jefferies Financial Group began coverage on Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They set a “buy” rating and a $29.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price target 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 investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.27.

Rocket Pharmaceuticals Stock Performance

The firm has a fifty day simple moving average of $11.55 and a two-hundred day simple moving average of $15.64. The firm has a market cap of $898.84 million, a price-to-earnings ratio of -3.59 and a beta of 0.98. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 11,091 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total value of $144,737.55. Following the sale, the chief executive officer now directly owns 707,328 shares of the company’s stock, valued at approximately $9,230,630.40. The trade was a 1.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders sold 14,386 shares of company stock valued at $185,345. Corporate insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Large investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Rocket Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock valued at $61,000 after purchasing an additional 582 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Rocket Pharmaceuticals by 1.3% during the fourth quarter. Rhumbline Advisers now owns 99,339 shares of the biotechnology company’s stock valued at $1,249,000 after acquiring an additional 1,242 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Rocket Pharmaceuticals by 8.4% during the fourth quarter. Arizona State Retirement System now owns 19,826 shares of the biotechnology company’s stock worth $249,000 after buying an additional 1,528 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Rocket Pharmaceuticals by 1.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,633 shares of the biotechnology company’s stock worth $2,210,000 after purchasing an additional 1,561 shares during the period. Finally, Pier 88 Investment Partners LLC grew its holdings in Rocket Pharmaceuticals by 5.1% in the 3rd quarter. Pier 88 Investment Partners LLC now owns 32,490 shares of the biotechnology company’s stock valued at $600,000 after buying an additional 1,590 shares during the period. Hedge funds and other 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.