Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Down 6.1% – Here’s Why

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) fell 6.1% during mid-day trading on Tuesday . The stock traded as low as $8.23 and last traded at $8.19. 608,508 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 1,003,401 shares. The stock had previously closed at $8.73.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. The Goldman Sachs Group cut their target price on Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 3rd. Chardan Capital decreased their target price on Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Needham & Company LLC lowered their price target on Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Scotiabank boosted their price objective on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a research note on Monday, March 3rd. Finally, BMO Capital Markets began coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $50.00 target price on the stock. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Rocket Pharmaceuticals Stock Performance

The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The firm’s fifty day moving average price is $9.73 and its 200-day moving average price is $13.40. The company has a market cap of $840.24 million, a P/E ratio of -2.87 and a beta of 1.03.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.06. As a group, research analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP lifted its holdings in shares of Rocket Pharmaceuticals by 24.5% during the 4th quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company’s stock worth $175,919,000 after acquiring an additional 2,753,033 shares during the period. Suvretta Capital Management LLC bought a new position in Rocket Pharmaceuticals during the fourth quarter worth about $32,267,000. Janus Henderson Group PLC boosted its holdings in Rocket Pharmaceuticals by 111.0% during the fourth quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company’s stock valued at $50,343,000 after purchasing an additional 2,106,699 shares in the last quarter. Point72 Asset Management L.P. grew its stake in shares of Rocket Pharmaceuticals by 3,163.9% in the 4th quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company’s stock valued at $19,733,000 after purchasing an additional 1,521,727 shares during the period. Finally, Boxer Capital Management LLC acquired a new position in shares of Rocket Pharmaceuticals in the 4th quarter worth approximately $18,428,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

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.