Gaurav Shah Sells 12,279 Shares of Rocket Pharmaceuticals (NASDAQ:RCKT) Stock

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) CEO Gaurav Shah sold 12,279 shares of the business’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 transaction of $40,643.49. Following the transaction, the chief executive officer directly owned 1,052,045 shares in the company, valued at $3,482,268.95. The trade was a 1.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Rocket Pharmaceuticals Stock Up 8.4%

RCKT stock opened at $3.74 on Friday. The company has a 50 day moving average of $3.50 and a two-hundred day moving average of $3.39. The company has a market cap of $404.74 million, a price-to-earnings ratio of -1.66 and a beta of 0.48. Rocket Pharmaceuticals, Inc. has a 12-month low of $2.19 and a 12-month high of $11.09. The company has a quick ratio of 7.30, a current ratio of 7.30 and a debt-to-equity ratio of 0.06.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of institutional investors have recently made changes to their positions in RCKT. Invesco Ltd. lifted its position in shares of Rocket Pharmaceuticals by 36.9% during the 4th quarter. Invesco Ltd. now owns 304,437 shares of the biotechnology company’s stock worth $1,069,000 after purchasing an additional 81,984 shares during the last quarter. Corient Private Wealth LLC acquired a new position in shares of Rocket Pharmaceuticals during the fourth quarter worth approximately $98,000. Virtus Investment Advisers LLC boosted its position in shares of Rocket Pharmaceuticals by 111.7% in the fourth quarter. Virtus Investment Advisers LLC now owns 78,474 shares of the biotechnology company’s stock valued at $275,000 after acquiring an additional 41,410 shares during the period. Opaleye Management Inc. acquired a new stake in shares of Rocket Pharmaceuticals in the fourth quarter worth $3,352,000. Finally, Engineers Gate Manager LP grew its stake in shares of Rocket Pharmaceuticals by 34.5% in the fourth quarter. Engineers Gate Manager LP now owns 96,009 shares of the biotechnology company’s stock worth $337,000 after acquiring an additional 24,603 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RCKT has been the topic of several research reports. JPMorgan Chase & Co. lowered Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a research report on Tuesday, November 18th. TD Cowen upgraded Rocket Pharmaceuticals to a “hold” rating in a report on Friday, December 19th. Morgan Stanley set a $5.00 price objective on shares of Rocket Pharmaceuticals in a research report on Thursday, January 8th. Bank of America decreased their target price on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Finally, Wedbush restated an “outperform” rating and set a $16.00 price target on shares of Rocket Pharmaceuticals in a report on Friday, November 7th. Eight analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $14.36.

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.