Velan Capital Investment Management LP Has $205,000 Stock Holdings in Rocket Pharmaceuticals, Inc. $RCKT

Velan Capital Investment Management LP decreased its stake in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) by 79.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,000 shares of the biotechnology company’s stock after selling 234,643 shares during the period. Velan Capital Investment Management LP owned about 0.05% of Rocket Pharmaceuticals worth $205,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Wellington Management Group LLP acquired a new position in shares of Rocket Pharmaceuticals during the second quarter worth $211,000. Public Employees Retirement System of Ohio bought a new stake in Rocket Pharmaceuticals during the 2nd quarter worth $462,000. Corient Private Wealth LP acquired a new position in Rocket Pharmaceuticals in the 2nd quarter worth about $125,000. Bank of America Corp DE bought a new position in Rocket Pharmaceuticals in the second quarter valued at about $2,512,000. Finally, ADAR1 Capital Management LLC bought a new position in Rocket Pharmaceuticals in the second quarter valued at about $1,489,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

Wall Street Analysts Forecast Growth

RCKT has been the topic of several research reports. Chardan Capital assumed coverage on Rocket Pharmaceuticals in a report on Tuesday. They set a “buy” rating and a $11.00 price target on the stock. Wedbush cut their target price on shares of Rocket Pharmaceuticals from $16.00 to $15.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 11th. Weiss Ratings lowered shares of Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Finally, Wall Street Zen upgraded shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, August 17th. One 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $8.57.

Rocket Pharmaceuticals Stock Up 3.5%

Shares of NASDAQ RCKT opened at $3.86 on Thursday. The company’s 50 day moving average price is $3.54 and its 200-day moving average price is $3.63. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.24 and a current ratio of 9.24. Rocket Pharmaceuticals, Inc. has a 52-week low of $2.53 and a 52-week high of $5.45. The company has a market capitalization of $423.75 million, a P/E ratio of -22.71 and a beta of 0.50.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.22. During the same quarter in the prior year, the company posted ($0.62) EPS. Equities analysts forecast that Rocket Pharmaceuticals, Inc. will post -1.39 earnings per share for the current year.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, COO Christopher James Stevens sold 36,658 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total transaction of $128,303.00. Following the completion of the sale, the chief operating officer directly owned 505,784 shares in the company, valued at approximately $1,770,244. This trade represents a 6.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 50,613 shares of company stock worth $176,035. Company insiders own 21.30% 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.