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

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price hit a new 52-week low during trading on Monday . The stock traded as low as $13.65 and last traded at $13.69, with a volume of 59665 shares trading hands. The stock had previously closed at $13.98.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RCKT shares. Chardan Capital reaffirmed a “buy” rating and set a $62.00 price target on shares of Rocket Pharmaceuticals in a report on Monday. Canaccord Genuity Group reiterated a “buy” rating and set a $39.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday. Scotiabank began coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and set a $52.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.00.

Rocket Pharmaceuticals Price Performance

The firm has a market capitalization of $1.20 billion, a P/E ratio of -4.79 and a beta of 1.09. The business’s fifty day moving average is $17.50 and its 200 day moving average is $20.03. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP grew its holdings in shares of Rocket Pharmaceuticals by 22.8% in the 3rd quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock worth $207,642,000 after acquiring an additional 2,086,424 shares during the last quarter. Westfield Capital Management Co. LP boosted its position in shares of Rocket Pharmaceuticals by 3.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock valued at $83,001,000 after purchasing an additional 165,911 shares during the period. Maverick Capital Ltd. increased its stake in Rocket Pharmaceuticals by 4.8% in the 3rd quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock worth $76,072,000 after purchasing an additional 190,360 shares in the last quarter. State Street Corp lifted its stake in Rocket Pharmaceuticals by 11.6% during the third quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock valued at $57,294,000 after buying an additional 322,156 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Rocket Pharmaceuticals by 11.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,943,160 shares of the biotechnology company’s stock worth $79,290,000 after buying an additional 314,086 shares during the period. 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.