Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 12-Month Low – Here’s Why

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) reached a new 52-week low during trading on Friday . The stock traded as low as $11.13 and last traded at $11.18, with a volume of 517017 shares trading hands. The stock had previously closed at $11.79.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Scotiabank started coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price objective for the company. Jefferies Financial Group started coverage on Rocket Pharmaceuticals in a report on Wednesday, December 18th. They set a “buy” rating and a $29.00 target price on the stock. Wedbush began coverage on shares of Rocket Pharmaceuticals in a research report on Monday, December 30th. They set an “outperform” rating and a $32.00 price objective for the company. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $39.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.27.

Rocket Pharmaceuticals Stock Down 5.5 %

The company has a market capitalization of $1.02 billion, a P/E ratio of -4.05 and a beta of 1.01. 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 stock has a 50 day moving average price of $13.49 and a 200 day moving average price of $17.49.

Insider Transactions at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 11,091 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total transaction of $144,737.55. Following the completion of the transaction, the chief executive officer now owns 707,328 shares of the company’s stock, valued at approximately $9,230,630.40. This trade represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 13,490 shares of company stock worth $176,045. Insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RCKT. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Rocket Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock worth $61,000 after acquiring an additional 582 shares during the last quarter. Values First Advisors Inc. bought a new stake in shares of Rocket Pharmaceuticals in the 3rd quarter valued at $108,000. SG Americas Securities LLC acquired a new stake in shares of Rocket Pharmaceuticals during the third quarter worth $113,000. XTX Topco Ltd bought a new position in Rocket Pharmaceuticals during the third quarter worth $286,000. Finally, Verition Fund Management LLC acquired a new position in Rocket Pharmaceuticals in the third quarter valued at $290,000. 98.39% of the stock is owned by institutional investors.

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.