Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Gap Down – Time to Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $13.51, but opened at $12.83. Rocket Pharmaceuticals shares last traded at $14.10, with a volume of 1,539,090 shares.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RCKT. Leerink Partners cut their target price on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 19th. Chardan Capital reaffirmed a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a research note on Monday, November 18th. Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Scotiabank assumed coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 target price for the company. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $39.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $51.00.

Rocket Pharmaceuticals Stock Performance

The stock’s 50-day simple moving average is $15.86 and its 200 day simple moving average is $19.08. The company has a market capitalization of $1.23 billion, a PE ratio of -5.32 and a beta of 1.01. 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

In related news, CEO Gaurav Shah sold 11,091 shares of the company’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 transaction, the chief executive officer now directly owns 707,328 shares of the company’s stock, valued at $9,230,630.40. This represents a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 13,490 shares of company stock worth $176,045. Corporate insiders own 28.50% of the company’s stock.

Institutional Trading of Rocket Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in Rocket Pharmaceuticals by 22.8% during the 3rd quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock worth $207,642,000 after acquiring an additional 2,086,424 shares in the last quarter. State Street Corp grew its holdings in shares of Rocket Pharmaceuticals by 11.6% during the third quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock worth $57,294,000 after purchasing an additional 322,156 shares during the last quarter. First Turn Management LLC increased its position in shares of Rocket Pharmaceuticals by 123.6% during the second quarter. First Turn Management LLC now owns 560,989 shares of the biotechnology company’s stock worth $12,078,000 after purchasing an additional 310,119 shares in the last quarter. Maverick Capital Ltd. lifted its holdings in shares of Rocket Pharmaceuticals by 4.8% in the 3rd quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock valued at $76,072,000 after purchasing an additional 190,360 shares during the last quarter. Finally, Westfield Capital Management Co. LP boosted its position in shares of 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 purchasing an additional 165,911 shares during the period. Hedge funds and other institutional investors 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.