Rocket Pharmaceuticals (NASDAQ:RCKT) Reaches New 1-Year Low – Should You Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) reached a new 52-week low during trading on Tuesday . The company traded as low as $6.26 and last traded at $6.67, with a volume of 6510768 shares changing hands. The stock had previously closed at $7.59.

Analyst Ratings Changes

RCKT has been the topic of several research analyst reports. Chardan Capital cut 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. Wedbush started coverage on Rocket Pharmaceuticals in a report on Monday, December 30th. They issued an “outperform” rating and a $32.00 target price for the company. Scotiabank raised their price target on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a research note on Monday, March 3rd. BMO Capital Markets initiated coverage on Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 price target on the stock. Finally, Needham & Company LLC lowered their target price on shares of Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Rocket Pharmaceuticals Stock Down 12.1 %

The company has a market capitalization of $711.22 million, a price-to-earnings ratio of -2.43 and a beta of 1.03. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The firm’s 50 day simple moving average is $9.55 and its 200-day simple moving average is $13.11.

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

Institutional Trading of Rocket Pharmaceuticals

A number of institutional investors have recently modified their holdings of RCKT. SG Americas Securities LLC raised its position in Rocket Pharmaceuticals by 796.2% in the fourth quarter. SG Americas Securities LLC now owns 54,921 shares of the biotechnology company’s stock worth $690,000 after acquiring an additional 48,793 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Rocket Pharmaceuticals by 72.6% in the 4th quarter. Jennison Associates LLC now owns 70,304 shares of the biotechnology company’s stock valued at $884,000 after purchasing an additional 29,564 shares in the last quarter. Mirador Capital Partners LP lifted its stake in shares of Rocket Pharmaceuticals by 403.9% in the fourth quarter. Mirador Capital Partners LP now owns 84,529 shares of the biotechnology company’s stock valued at $1,063,000 after purchasing an additional 67,755 shares during the period. Sovran Advisors LLC purchased a new stake in Rocket Pharmaceuticals during the fourth quarter worth about $1,895,000. Finally, Strategic Financial Concepts LLC acquired a new position in Rocket Pharmaceuticals during the fourth quarter worth about $141,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

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.