Rocket Pharmaceuticals (NASDAQ:RCKT) Posts Earnings Results, Beats Estimates By $0.22 EPS

Rocket Pharmaceuticals (NASDAQ:RCKT) posted its quarterly earnings results on Monday. The biotechnology company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.22, FiscalAI reports.

Rocket Pharmaceuticals Stock Performance

Rocket Pharmaceuticals stock traded up $0.03 during midday trading on Monday, reaching $3.64. The stock had a trading volume of 1,354,429 shares, compared to its average volume of 2,750,771. The company has a quick ratio of 6.12, a current ratio of 6.12 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $397.45 million, a PE ratio of -1.95 and a beta of 0.47. Rocket Pharmaceuticals has a 12 month low of $2.53 and a 12 month high of $5.45. The firm’s 50-day moving average price is $3.33 and its 200 day moving average price is $3.61.

Analyst Ratings Changes

A number of research firms have weighed in on RCKT. Wall Street Zen cut shares of Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday. Chardan Capital reaffirmed a “buy” rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, May 11th. Finally, Weiss Ratings upgraded Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $8.71.

Insider Activity

In related news, CEO Gaurav Shah sold 55,684 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $3.09, for a total transaction of $172,063.56. Following the sale, the chief executive officer directly owned 1,061,724 shares in the company, valued at approximately $3,280,727.16. This represents a 4.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 66,083 shares of company stock valued at $207,531 over the last 90 days. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RCKT. AQR Capital Management LLC boosted its holdings 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 worth $1,091,000 after acquiring an additional 97,758 shares during the period. Millennium Management LLC raised its stake in shares of Rocket Pharmaceuticals by 121.8% during the 1st quarter. Millennium Management LLC now owns 747,147 shares of the biotechnology company’s stock valued at $4,983,000 after purchasing an additional 410,238 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Rocket Pharmaceuticals during the 1st quarter worth about $189,000. Goldman Sachs Group Inc. boosted its stake in Rocket Pharmaceuticals by 24.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 995,690 shares of the biotechnology company’s stock worth $6,641,000 after purchasing an additional 192,905 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Rocket Pharmaceuticals by 1.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,030,891 shares of the biotechnology company’s stock worth $4,976,000 after purchasing an additional 36,847 shares during the period. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Company Profile

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.