Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Down 4.5% – Here’s Why

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

Analyst Upgrades and Downgrades

RCKT has been the subject of a number of recent analyst reports. Chardan Capital dropped their price target on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Scotiabank raised their price objective on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a research note on Monday, March 3rd. Leerink Partners dropped their target price on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research report on Tuesday, November 19th. Canaccord Genuity Group dropped their target price on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Finally, Needham & Company LLC dropped their target price on Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, February 28th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Rocket Pharmaceuticals Stock Down 5.4 %

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 stock has a market cap of $890.36 million, a PE ratio of -3.04 and a beta of 1.03. The business has a fifty day moving average of $10.06 and a 200-day moving average of $13.79.

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

Institutional Trading of Rocket Pharmaceuticals

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