Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Up 3.7% – Time to Buy?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price was up 3.7% during mid-day trading on Tuesday . The company traded as high as $12.70 and last traded at $12.48. Approximately 335,030 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 856,430 shares. The stock had previously closed at $12.03.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Chardan Capital reiterated a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Canaccord Genuity Group reissued a “buy” rating and set a $39.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Finally, Scotiabank initiated coverage on Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.27.

Rocket Pharmaceuticals Trading Up 4.5 %

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 stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -4.57 and a beta of 1.01. The company’s 50-day moving average is $14.19 and its 200-day moving average is $17.97.

Insider Transactions at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 11,091 shares of the company’s 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 transaction, the chief executive officer now 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 transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 13,490 shares of company stock worth $176,045 in the last 90 days. Insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its stake in shares of Rocket Pharmaceuticals by 10.4% in the second quarter. Bank of New York Mellon Corp now owns 239,877 shares of the biotechnology company’s stock valued at $5,165,000 after buying an additional 22,521 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Rocket Pharmaceuticals by 30.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,092 shares of the biotechnology company’s stock worth $368,000 after purchasing an additional 3,995 shares during the period. Rhumbline Advisers lifted its position in shares of Rocket Pharmaceuticals by 5.2% during the second quarter. Rhumbline Advisers now owns 101,134 shares of the biotechnology company’s stock worth $2,177,000 after purchasing an additional 4,958 shares in the last quarter. TD Asset Management Inc boosted its stake in shares of Rocket Pharmaceuticals by 14.8% in the second quarter. TD Asset Management Inc now owns 178,164 shares of the biotechnology company’s stock valued at $3,836,000 after purchasing an additional 23,000 shares during the period. Finally, Torray Investment Partners LLC grew its holdings in shares of Rocket Pharmaceuticals by 10.3% in the second quarter. Torray Investment Partners LLC now owns 67,216 shares of the biotechnology company’s stock valued at $1,447,000 after purchasing an additional 6,283 shares in the last quarter. 98.39% of the stock is owned by hedge funds and other institutional investors.

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.