Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Up 5.4% – Time to Buy?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price was up 5.4% on Monday . The company traded as high as $4.88 and last traded at $4.65. Approximately 874,775 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 2,475,212 shares. The stock had previously closed at $4.41.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Lifesci Capital raised Rocket Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, February 26th. Cantor Fitzgerald lifted their price target on shares of Rocket Pharmaceuticals from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, February 27th. The Goldman Sachs Group boosted their price objective on shares of Rocket Pharmaceuticals to $3.00 and gave the stock a “sell” rating in a research note on Monday, March 2nd. Bank of America lowered their target price on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Finally, JPMorgan Chase & Co. lowered shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a research report on Tuesday, November 18th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $13.79.

Rocket Pharmaceuticals Trading Up 14.5%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 6.38 and a current ratio of 6.38. The company’s 50 day moving average is $3.74 and its 200 day moving average is $3.50. The stock has a market capitalization of $548.28 million, a price-to-earnings ratio of -2.51 and a beta of 0.39.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.04. During the same quarter last year, the business earned ($0.62) earnings per share. On average, research analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

Insider Activity

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 12,279 shares of the firm’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,643.49. Following the completion of the transaction, the chief executive officer owned 1,052,045 shares in the company, valued at $3,482,268.95. This trade represents a 1.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Martin Wilson sold 12,253 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,557.43. Following the completion of the sale, the general counsel owned 683,376 shares in the company, valued at approximately $2,261,974.56. This represents a 1.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,415 shares of company stock valued at $97,398 in the last three months. Company insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC increased its stake in shares of Rocket Pharmaceuticals by 148.4% in the first quarter. AQR Capital Management LLC now owns 163,622 shares of the biotechnology company’s stock valued at $1,091,000 after buying an additional 97,758 shares in the last quarter. Millennium Management LLC grew its holdings in Rocket Pharmaceuticals by 121.8% during the 1st quarter. Millennium Management LLC now owns 747,147 shares of the biotechnology company’s stock worth $4,983,000 after acquiring an additional 410,238 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Rocket Pharmaceuticals in the 1st quarter valued at about $189,000. Goldman Sachs Group Inc. raised its stake in shares of Rocket Pharmaceuticals by 24.0% in the first quarter. Goldman Sachs Group Inc. now owns 995,690 shares of the biotechnology company’s stock worth $6,641,000 after acquiring an additional 192,905 shares during the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Rocket Pharmaceuticals during the second quarter valued at approximately $181,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.