Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Up 8.9% – Time to Buy?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price was up 8.9% on Monday . The company traded as high as $6.66 and last traded at $6.90. Approximately 196,975 shares were traded during trading, a decline of 85% from the average daily volume of 1,274,607 shares. The stock had previously closed at $6.33.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Wedbush assumed coverage on shares of Rocket Pharmaceuticals in a report on Monday, December 30th. They issued an “outperform” rating and a $32.00 price objective for the company. Canaccord Genuity Group dropped their price objective on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Chardan Capital reduced their price target 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 restated a “buy” rating and set a $42.00 target price on shares of Rocket Pharmaceuticals in a research note on Wednesday, April 9th. Finally, Scotiabank increased 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. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Rocket Pharmaceuticals Stock Up 13.1 %

The firm’s 50 day moving average price is $7.96 and its two-hundred day moving average price is $11.66. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The firm has a market cap of $763.47 million, a price-to-earnings ratio of -2.60 and a beta of 1.00.

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

Insider Transactions at Rocket Pharmaceuticals

In related news, CFO Aaron Ondrey sold 7,489 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $5.29, for a total transaction of $39,616.81. Following the completion of the transaction, the chief financial officer now owns 129,650 shares in the company, valued at $685,848.50. The trade was a 5.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kinnari Patel acquired 21,099 shares of the company’s stock in a transaction that occurred on Wednesday, April 9th. The stock was purchased at an average cost of $4.70 per share, for a total transaction of $99,165.30. Following the acquisition, the insider now owns 26,774 shares in the company, valued at approximately $125,837.80. This trade represents a 371.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

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