Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Gap Down – Here’s What Happened

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares gapped down before the market opened on Tuesday . The stock had previously closed at $8.83, but opened at $8.54. Rocket Pharmaceuticals shares last traded at $8.37, with a volume of 86,385 shares changing hands.

Wall Street Analysts Forecast Growth

RCKT has been the subject of several analyst reports. The Goldman Sachs Group reduced their price objective on Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd. Scotiabank upped their price objective on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Monday, March 3rd. Needham & Company LLC reduced their price objective on Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Wedbush began coverage on Rocket Pharmaceuticals in a research note on Monday, December 30th. They set an “outperform” rating and a $32.00 target price for the company. Finally, Canaccord Genuity Group cut their target price on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Rocket Pharmaceuticals Trading Up 1.3 %

The firm has a market cap of $902.09 million, a price-to-earnings ratio of -3.08 and a beta of 1.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The business has a fifty day moving average of $10.00 and a two-hundred day moving average of $13.76.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.06. As a group, equities analysts expect that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of large investors have recently bought and sold shares of RCKT. Covestor Ltd grew its holdings in Rocket Pharmaceuticals by 33,166.7% during the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 1,990 shares during the last quarter. Signaturefd LLC grew its holdings in Rocket Pharmaceuticals by 319.8% during the 4th quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock valued at $62,000 after buying an additional 3,745 shares during the last quarter. Harbour Investments Inc. grew its holdings in 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 buying an additional 1,840 shares during the last quarter. KBC Group NV grew its holdings in Rocket Pharmaceuticals by 159.6% during the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock valued at $69,000 after buying an additional 3,366 shares during the last quarter. Finally, Virtus ETF Advisers LLC grew its holdings in Rocket Pharmaceuticals by 40.4% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock valued at $71,000 after buying an additional 1,628 shares during the last quarter. 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.