Rocket Pharmaceuticals (NASDAQ:RCKT) Issues Quarterly Earnings Results

Rocket Pharmaceuticals (NASDAQ:RCKT) issued its quarterly earnings data on Thursday. The biotechnology company reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.03), Zacks reports.

Rocket Pharmaceuticals Stock Performance

Rocket Pharmaceuticals stock traded down $0.09 during mid-day trading on Thursday, reaching $2.39. The company had a trading volume of 954,292 shares, compared to its average volume of 2,454,261. The company has a quick ratio of 9.24, a current ratio of 9.24 and a debt-to-equity ratio of 0.05. The firm has a market cap of $262.37 million, a price-to-earnings ratio of -14.06 and a beta of 0.51. The company has a 50 day moving average of $2.77 and a 200-day moving average of $3.40. Rocket Pharmaceuticals has a 52 week low of $2.16 and a 52 week high of $5.45.

Wall Street Analysts Forecast Growth

RCKT has been the subject of a number of research analyst reports. Leerink Partners cut their target price on shares of Rocket Pharmaceuticals from $7.00 to $4.00 and set a “market perform” rating for the company in a research report on Wednesday, October 7th. The Goldman Sachs Group upgraded Rocket Pharmaceuticals from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $3.00 to $4.00 in a research note on Thursday, October 8th. Wedbush restated an “outperform” rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 7th. Jefferies Financial Group restated a “hold” rating and set a $2.95 target price on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 7th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Rocket Pharmaceuticals in a report on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $7.77.

Insider Activity

In other news, General Counsel Martin Wilson sold 75,364 shares of the business’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $3.40, for a total transaction of $256,237.60. Following the transaction, the general counsel owned 598,489 shares in the company, valued at approximately $2,034,862.60. The trade was a 11.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 78,288 shares of company stock worth $266,121. Insiders own 21.30% of the company’s stock.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc. is a biotechnology company developing gene therapies for rare, serious diseases, with a focus on inherited disorders that often affect children. Its research programs use lentiviral and adeno-associated viral (AAV) vector technologies to deliver therapeutic genes to patients’ cells. The company’s pipeline has included programs targeting conditions such as Fanconi anemia, leukocyte adhesion deficiency-I, pyruvate kinase deficiency, Danon disease and arrhythmogenic cardiomyopathy.