Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Down 4.5% – Here’s What Happened

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) traded down 4.5% on Monday . The stock traded as low as $8.41 and last traded at $8.37. 259,403 shares traded hands during trading, a decline of 74% from the average session volume of 980,360 shares. The stock had previously closed at $8.76.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Leerink Partners lowered their price objective 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. Chardan Capital cut their price target on Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, February 28th. The Goldman Sachs Group cut their price target on Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd. Wedbush started coverage on Rocket Pharmaceuticals in a report on Monday, December 30th. They set an “outperform” rating and a $32.00 price target on the stock. Finally, Canaccord Genuity Group decreased their price objective on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating for the company in a report on Monday, March 3rd. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $43.00.

Rocket Pharmaceuticals Trading Down 0.4 %

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 company’s 50 day moving average is $10.22 and its two-hundred day moving average is $13.94. The firm has a market cap of $930.35 million, a P/E ratio of -3.18 and a beta of 1.03.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.06. On average, sell-side analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. First Turn Management LLC increased its holdings in shares of Rocket Pharmaceuticals by 10.8% during the third quarter. First Turn Management LLC now owns 621,306 shares of the biotechnology company’s stock worth $11,476,000 after buying an additional 60,317 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Rocket Pharmaceuticals during the third quarter worth approximately $636,000. Jennison Associates LLC increased its holdings in shares of Rocket Pharmaceuticals by 33.2% during the third quarter. Jennison Associates LLC now owns 40,740 shares of the biotechnology company’s stock worth $752,000 after buying an additional 10,162 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of Rocket Pharmaceuticals during the third quarter worth approximately $527,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Rocket Pharmaceuticals by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 569,814 shares of the biotechnology company’s stock valued at $10,524,000 after purchasing an additional 20,322 shares in 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.