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

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) reached a new 52-week low on Thursday . The company traded as low as $10.07 and last traded at $10.48, with a volume of 1500415 shares traded. The stock had previously closed at $10.16.

Analyst Ratings Changes

Several equities analysts have commented on RCKT shares. Leerink Partners lowered their target price on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 19th. Needham & Company LLC reissued a “buy” rating and set a $52.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Wedbush assumed coverage on shares of Rocket Pharmaceuticals in a report on Monday, December 30th. They set an “outperform” rating and a $32.00 price target for the company. Finally, Canaccord Genuity Group restated a “buy” rating and set a $39.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Rocket Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $47.27.

Rocket Pharmaceuticals Trading Down 3.3 %

The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The firm has a market cap of $976.32 million, a P/E ratio of -3.89 and a beta of 1.01. The company’s 50 day moving average is $12.32 and its two-hundred day moving average is $16.81.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.71) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.78) by $0.07. On average, sell-side analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Insider Buying and Selling

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 shares were sold at an average price of $13.05, for a total transaction of $144,737.55. Following the completion of the sale, the chief executive officer now owns 707,328 shares of the company’s stock, valued at approximately $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 accessible through this link. Insiders sold 13,490 shares of company stock valued at $176,045 over the last quarter. Corporate insiders own 28.50% of the company’s stock.

Institutional Trading of Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of RCKT. Wellington Management Group LLP raised its position 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 worth $207,642,000 after purchasing an additional 2,086,424 shares during the last quarter. Westfield Capital Management Co. LP raised its position in shares of Rocket Pharmaceuticals by 3.8% during 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 acquiring an additional 165,911 shares during the last quarter. Maverick Capital Ltd. raised its position in shares of Rocket Pharmaceuticals by 4.8% during the 3rd quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock valued at $76,072,000 after acquiring an additional 190,360 shares during the last quarter. State Street Corp raised its position in shares of Rocket Pharmaceuticals by 11.6% during the 3rd quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock valued at $57,294,000 after acquiring an additional 322,156 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Rocket Pharmaceuticals by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock valued at $29,888,000 after acquiring an additional 14,256 shares during the last quarter. Institutional investors and hedge funds 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.