Rocket Pharmaceuticals (NASDAQ:RCKT) Reaches New 1-Year Low – Here’s What Happened

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $6.26 and last traded at $6.67, with a volume of 6510768 shares trading hands. The stock had previously closed at $7.59.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on RCKT shares. The Goldman Sachs Group reduced their price target on Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Needham & Company LLC reduced their target price on shares of Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. 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. BMO Capital Markets started coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, March 12th. They issued an “outperform” rating and a $50.00 price objective on the stock. Finally, Scotiabank raised their target price on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Monday, March 3rd. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Rocket Pharmaceuticals Stock Performance

The company has a fifty day moving average of $9.38 and a two-hundred day moving average of $12.96. The stock has a market capitalization of $671.77 million, a P/E ratio of -2.29 and a beta of 1.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.06. On average, equities analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

Institutional Trading of Rocket Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of RCKT. Covestor Ltd grew its position in shares of Rocket Pharmaceuticals by 33,166.7% during the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 1,990 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Rocket Pharmaceuticals by 319.8% during the fourth quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock valued at $62,000 after purchasing an additional 3,745 shares during the last quarter. Harbour Investments Inc. raised its position in shares of Rocket Pharmaceuticals by 51.9% during the 4th quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock worth $68,000 after purchasing an additional 1,840 shares during the period. KBC Group NV lifted its holdings in shares of Rocket Pharmaceuticals by 159.6% in the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock worth $69,000 after purchasing an additional 3,366 shares during the last quarter. Finally, Virtus ETF Advisers LLC boosted its position in Rocket Pharmaceuticals by 40.4% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 1,628 shares during the period. 98.39% of the stock is owned by institutional investors and hedge funds.

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.