Kinnari Patel Buys 21,099 Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Stock

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) insider Kinnari Patel purchased 21,099 shares of the company’s stock in a transaction on Wednesday, April 9th. The stock was purchased at an average cost of $4.70 per share, for a total transaction of $99,165.30. Following the purchase, the insider now directly owns 26,774 shares in the company, valued at approximately $125,837.80. This trade represents a 371.79 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Rocket Pharmaceuticals Trading Up 6.7 %

Shares of NASDAQ:RCKT opened at $5.27 on Friday. Rocket Pharmaceuticals, Inc. has a 52-week low of $4.55 and a 52-week high of $26.98. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The company has a market capitalization of $561.94 million, a P/E ratio of -1.92 and a beta of 1.00. The company has a 50-day simple moving average of $8.38 and a 200 day simple moving average of $12.09.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data 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. Sell-side analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the business. Covestor Ltd lifted its position in Rocket Pharmaceuticals by 33,166.7% during the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 1,990 shares during the last quarter. Signaturefd LLC lifted its holdings in Rocket Pharmaceuticals by 319.8% during the 4th quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock worth $62,000 after purchasing an additional 3,745 shares during the last quarter. Harbour Investments Inc. lifted its holdings in 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 last quarter. KBC Group NV boosted its stake in Rocket Pharmaceuticals by 159.6% in the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock valued at $69,000 after purchasing an additional 3,366 shares during the period. Finally, Virtus ETF Advisers LLC grew its holdings in Rocket Pharmaceuticals by 40.4% in the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock valued at $71,000 after buying an additional 1,628 shares in the last quarter. Institutional investors and hedge funds own 98.39% of the company’s stock.

Analyst Upgrades and Downgrades

RCKT has been the topic of a number of recent research reports. Wedbush began coverage on Rocket Pharmaceuticals in a research report on Monday, December 30th. They issued an “outperform” rating and a $32.00 target price on the stock. 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. Scotiabank increased their target price on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Monday, March 3rd. Chardan Capital lowered their price target on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Finally, Jefferies Financial Group began coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They set a “buy” rating and a $29.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.00.

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.