Rocket Pharmaceuticals (NASDAQ:RCKT) Reaches New 52-Week 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 stock traded as low as $8.13 and last traded at $8.23, with a volume of 437917 shares. The stock had previously closed at $8.59.

Wall Street Analyst Weigh In

RCKT has been the subject of several research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Jefferies Financial Group began coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, December 18th. They set a “buy” rating and a $29.00 price objective for the company. Scotiabank upped their target price on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Monday, March 3rd. Canaccord Genuity Group decreased their price target on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Finally, Leerink Partners lowered their target price on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.30.

Rocket Pharmaceuticals Stock Down 4.4 %

The stock has a 50-day simple moving average of $10.61 and a 200-day simple moving average of $14.30. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The company has a market cap of $875.43 million, a price-to-earnings ratio of -2.99 and a beta of 1.03.

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, topping analysts’ consensus estimates of ($0.68) by $0.06. As a group, analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

Institutional Trading of Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in Rocket Pharmaceuticals by 24.5% during the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company’s stock worth $175,919,000 after acquiring an additional 2,753,033 shares during the period. Suvretta Capital Management LLC bought a new position in shares of Rocket Pharmaceuticals during the 4th quarter valued at about $32,267,000. Janus Henderson Group PLC grew its stake in shares of Rocket Pharmaceuticals by 111.0% in the 4th quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company’s stock worth $50,343,000 after purchasing an additional 2,106,699 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Rocket Pharmaceuticals by 3,163.9% in the 4th quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company’s stock worth $19,733,000 after purchasing an additional 1,521,727 shares in the last quarter. Finally, Boxer Capital Management LLC acquired a new stake in Rocket Pharmaceuticals during the fourth quarter valued at approximately $18,428,000. Institutional investors own 98.39% of the company’s stock.

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.