Rocket Pharmaceuticals (NASDAQ:RCKT) Announces Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Rocket Pharmaceuticals (NASDAQ:RCKT) issued its earnings results on Thursday. The biotechnology company reported ($0.38) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.04, Zacks reports. During the same period in the previous year, the business posted ($0.62) earnings per share.

Rocket Pharmaceuticals Price Performance

NASDAQ RCKT traded up $0.20 during trading on Thursday, hitting $4.53. 2,924,251 shares of the stock traded hands, compared to its average volume of 1,968,723. The company has a quick ratio of 7.30, a current ratio of 7.30 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals has a 12-month low of $2.19 and a 12-month high of $9.81. The firm has a 50-day simple moving average of $3.58 and a 200-day simple moving average of $3.43. The company has a market capitalization of $490.24 million, a P/E ratio of -2.01 and a beta of 0.48.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Bank of America lowered their price objective on Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. TD Cowen raised shares of Rocket Pharmaceuticals to a “hold” rating in a report on Friday, December 19th. Wedbush reissued an “outperform” rating and issued a $16.00 price objective on shares of Rocket Pharmaceuticals in a research note on Friday, November 7th. Morgan Stanley set a $5.00 price objective on shares of Rocket Pharmaceuticals in a research report on Thursday, January 8th. Finally, JPMorgan Chase & Co. downgraded shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a report on Tuesday, November 18th. Eight analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $14.36.

Insiders Place Their Bets

In related news, General Counsel Martin Wilson sold 12,253 shares of Rocket Pharmaceuticals stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,557.43. Following the completion of the transaction, the general counsel owned 683,376 shares in the company, valued at approximately $2,261,974.56. This trade represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Gaurav Shah sold 12,279 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,643.49. Following the sale, 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 SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 29,415 shares of company stock worth $97,398. 24.76% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Tower Research Capital LLC TRC grew its holdings in Rocket Pharmaceuticals by 645.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 23,258 shares of the biotechnology company’s stock worth $57,000 after acquiring an additional 20,138 shares in the last quarter. Corient Private Wealth LLC bought a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at about $56,000. Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter worth approximately $55,000. Marex Group plc purchased a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter worth approximately $55,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of Rocket Pharmaceuticals during the third quarter valued at approximately $50,000. Hedge funds and other institutional investors own 98.39% 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.