Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Down 4% – Here’s What Happened

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price was down 4% during mid-day trading on Thursday . The stock traded as low as $10.44 and last traded at $10.45. Approximately 302,815 shares traded hands during trading, a decline of 80% from the average daily volume of 1,543,305 shares. The stock had previously closed at $10.88.

Analyst Ratings Changes

A number of research analysts have commented on RCKT shares. Scotiabank began coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price objective on the stock. Canaccord Genuity Group restated a “buy” rating and set a $39.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Leerink Partners reduced 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. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.27.

Rocket Pharmaceuticals Trading Down 5.4 %

The firm has a market cap of $937.85 million, a price-to-earnings ratio of -3.75 and a beta of 1.01. The business has a fifty day moving average of $13.10 and a two-hundred day moving average of $17.26. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 11,091 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total transaction of $144,737.55. Following the completion of the transaction, the chief executive officer now directly owns 707,328 shares of the company’s stock, valued at $9,230,630.40. This trade represents a 1.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last 90 days, insiders have sold 13,490 shares of company stock valued at $176,045. Insiders own 28.50% of the company’s stock.

Institutional Trading of Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in RCKT. Wellington Management Group LLP increased its position in Rocket Pharmaceuticals by 22.8% during the 3rd quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock worth $207,642,000 after purchasing an additional 2,086,424 shares in the last quarter. State Street Corp grew its holdings in shares of Rocket Pharmaceuticals by 11.6% during the third quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock worth $57,294,000 after buying an additional 322,156 shares in the last quarter. Maverick Capital Ltd. raised its position in shares of Rocket Pharmaceuticals by 4.8% in the third quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock valued at $76,072,000 after buying an additional 190,360 shares during the last quarter. Westfield Capital Management Co. LP raised its position in shares of Rocket Pharmaceuticals by 3.8% in the third quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock valued at $83,001,000 after buying an additional 165,911 shares during the last quarter. Finally, Walleye Capital LLC purchased a new position in shares of Rocket Pharmaceuticals during the third quarter valued at approximately $2,556,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

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.