Rocket Pharmaceuticals (NASDAQ:RCKT) Sets New 52-Week Low – Time to Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $12.10 and last traded at $12.10, with a volume of 151721 shares trading hands. The stock had previously closed at $12.57.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Leerink Partners dropped their price objective on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 19th. Scotiabank assumed 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 reiterated a “buy” rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Finally, Chardan Capital restated a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $51.00.

Rocket Pharmaceuticals Trading Down 4.4 %

The stock’s fifty day simple moving average is $15.63 and its 200-day simple moving average is $18.92. The firm has a market cap of $1.10 billion, a PE ratio of -4.37 and a beta of 1.01. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 11,091 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total value of $144,737.55. Following the completion of the transaction, the chief executive officer now owns 707,328 shares of the company’s stock, valued at approximately $9,230,630.40. This trade represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 13,490 shares of company stock valued at $176,045. Insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Rocket Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock worth $61,000 after purchasing an additional 582 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Rocket Pharmaceuticals by 31.9% during the second quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after purchasing an additional 764 shares during the last quarter. Values First Advisors Inc. purchased a new position in shares of Rocket Pharmaceuticals during the third quarter worth $108,000. SG Americas Securities LLC purchased a new position in shares of Rocket Pharmaceuticals during the third quarter worth $113,000. Finally, XTX Topco Ltd purchased a new position in shares of Rocket Pharmaceuticals during the third quarter worth $286,000. 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.