Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 52-Week Low – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $11.40 and last traded at $11.53, with a volume of 135964 shares trading hands. The stock had previously closed at $11.74.

Analyst Ratings Changes

RCKT has been the topic of several recent analyst reports. Scotiabank initiated coverage on Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price target on the stock. Leerink Partners decreased their target price on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 19th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Finally, Chardan Capital reissued a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.80.

Rocket Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The firm has a market capitalization of $1.05 billion, a P/E ratio of -4.20 and a beta of 1.01. The company’s 50 day moving average price is $15.22 and its 200 day moving average price is $18.67.

Insider Activity

In other Rocket Pharmaceuticals 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 value of $144,737.55. Following the transaction, the chief executive officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 13,490 shares of company stock valued at $176,045 over the last 90 days. 28.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Rocket Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock valued at $61,000 after buying an additional 582 shares during the period. Dana Investment Advisors Inc. lifted its position in Rocket Pharmaceuticals by 4.4% during the 2nd quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock worth $298,000 after buying an additional 586 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in Rocket Pharmaceuticals by 31.9% during the second quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock valued at $68,000 after purchasing an additional 764 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Rocket Pharmaceuticals by 1.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,633 shares of the biotechnology company’s stock valued at $2,210,000 after purchasing an additional 1,561 shares in the last quarter. Finally, Pier 88 Investment Partners LLC grew its stake in Rocket Pharmaceuticals by 5.1% in the third quarter. Pier 88 Investment Partners LLC now owns 32,490 shares of the biotechnology company’s stock valued at $600,000 after purchasing an additional 1,590 shares in the last quarter. 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.