Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 12-Month Low – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $15.92 and last traded at $16.04, with a volume of 639742 shares. The stock had previously closed at $16.86.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RCKT. JPMorgan Chase & Co. boosted their target price on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 6th. Canaccord Genuity Group reiterated a “buy” rating and set a $38.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, September 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 target price on shares of Rocket Pharmaceuticals in a report on Friday. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Finally, Chardan Capital reissued a “buy” rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a research report on Monday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.75.

Rocket Pharmaceuticals Stock Down 4.9 %

The company has a quick ratio of 7.79, a current ratio of 7.79 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $1.46 billion, a PE ratio of -6.13 and a beta of 1.09. The firm has a 50-day moving average of $18.00 and a two-hundred day moving average of $20.36.

Institutional Trading of Rocket Pharmaceuticals

Several large investors have recently modified their holdings of the business. Westfield Capital Management Co. LP lifted its stake in Rocket Pharmaceuticals by 1.1% during the first quarter. Westfield Capital Management Co. LP now owns 3,984,030 shares of the biotechnology company’s stock valued at $107,330,000 after purchasing an additional 42,171 shares during the last quarter. Maverick Capital Ltd. grew its position in Rocket Pharmaceuticals by 1.0% during the 2nd quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company’s stock worth $84,577,000 after acquiring an additional 40,000 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Rocket Pharmaceuticals by 11.9% during the 1st 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. Janus Henderson Group PLC lifted its holdings in Rocket Pharmaceuticals by 174.3% during the first quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock worth $70,170,000 after acquiring an additional 1,656,111 shares in the last quarter. Finally, Novo Holdings A S boosted its position in Rocket Pharmaceuticals by 4.8% during the 2nd quarter. Novo Holdings A S now owns 1,100,000 shares of the biotechnology company’s stock worth $23,683,000 after acquiring an additional 50,000 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.