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

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price hit a new 52-week low on Friday . The company traded as low as $11.13 and last traded at $11.18, with a volume of 517017 shares. The stock had previously closed at $11.79.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RCKT. Chardan Capital restated a “buy” rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Scotiabank assumed coverage on Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Jefferies Financial Group assumed coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.27.

Rocket Pharmaceuticals Trading Down 6.7 %

The business’s 50-day moving average is $13.61 and its two-hundred day moving average is $17.62. 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 stock has a market capitalization of $1.00 billion, a PE ratio of -4.00 and a beta of 1.01.

Insider Transactions at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah sold 11,091 shares of Rocket Pharmaceuticals stock in a transaction 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 sale, the chief executive officer now owns 707,328 shares of the company’s stock, valued at $9,230,630.40. The trade was a 1.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 13,490 shares of company stock valued at $176,045 over the last quarter. Company insiders own 28.50% of the company’s stock.

Institutional Trading of Rocket Pharmaceuticals

Several large investors have recently modified their holdings of RCKT. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Rocket Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock valued at $61,000 after purchasing an additional 582 shares during the last quarter. Values First Advisors Inc. acquired a new position in shares of Rocket Pharmaceuticals in the 3rd quarter valued at approximately $108,000. SG Americas Securities LLC purchased a new position in shares of Rocket Pharmaceuticals during the 3rd quarter valued at approximately $113,000. XTX Topco Ltd purchased a new position in shares of Rocket Pharmaceuticals during the 3rd quarter valued at approximately $286,000. Finally, Verition Fund Management LLC acquired a new stake in shares of Rocket Pharmaceuticals during the third quarter worth approximately $290,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.