Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 1-Year Low – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price hit a new 52-week low on Wednesday . The company traded as low as $7.90 and last traded at $7.97, with a volume of 338060 shares trading hands. The stock had previously closed at $8.17.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group lowered their price target on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. Canaccord Genuity Group dropped their target price on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. BMO Capital Markets began coverage on Rocket Pharmaceuticals in a research note on Wednesday, March 12th. They set an “outperform” rating and a $50.00 price target on the stock. Chardan Capital lowered their price objective on Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, Scotiabank lifted their target price on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a research report on Monday, March 3rd. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $43.00.

Rocket Pharmaceuticals Stock Down 3.8 %

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’s 50-day moving average price is $9.79 and its 200-day moving average price is $13.44. The stock has a market cap of $838.11 million, a price-to-earnings ratio of -2.85 and a beta of 1.03.

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

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several large investors have recently added to or reduced their stakes in RCKT. Covestor Ltd boosted its holdings in shares of Rocket Pharmaceuticals by 33,166.7% during the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock worth $25,000 after buying an additional 1,990 shares in the last quarter. Signaturefd LLC increased its stake in shares of Rocket Pharmaceuticals by 319.8% in the 4th quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock valued at $62,000 after acquiring an additional 3,745 shares in the last quarter. Harbour Investments Inc. lifted its position in shares of Rocket Pharmaceuticals by 51.9% during the 4th quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock valued at $68,000 after acquiring an additional 1,840 shares during the period. KBC Group NV boosted its stake in Rocket Pharmaceuticals by 159.6% during the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock worth $69,000 after acquiring an additional 3,366 shares in the last quarter. Finally, Virtus ETF Advisers LLC grew its holdings in Rocket Pharmaceuticals by 40.4% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock worth $71,000 after purchasing an additional 1,628 shares during the period. Institutional investors and hedge funds own 98.39% of the company’s stock.

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.