Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Gap Up – Should You Buy?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) gapped up prior to trading on Wednesday . The stock had previously closed at $11.92, but opened at $12.71. Rocket Pharmaceuticals shares last traded at $12.29, with a volume of 166,612 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Scotiabank started coverage on Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price objective for the company. Chardan Capital restated a “buy” rating and set a $62.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Jefferies Financial Group initiated coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday. They set a “buy” rating and a $29.00 target price for the company. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $39.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.80.

Rocket Pharmaceuticals Price Performance

The business has a 50-day moving average of $15.32 and a 200 day moving average of $18.72. The firm has a market capitalization of $1.03 billion, a P/E ratio of -4.13 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.

Insider Transactions at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah sold 11,091 shares of Rocket Pharmaceuticals stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total value of $144,737.55. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 13,490 shares of company stock valued at $176,045 over the last ninety days. 28.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its holdings in shares of Rocket Pharmaceuticals by 31.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after acquiring an additional 764 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in 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 buying an additional 582 shares in the last quarter. Values First Advisors Inc. purchased a new stake in Rocket Pharmaceuticals in the 3rd quarter valued at $108,000. SG Americas Securities LLC bought a new position in Rocket Pharmaceuticals during the 3rd quarter valued at $113,000. Finally, Dana Investment Advisors Inc. boosted its holdings in Rocket Pharmaceuticals by 4.4% during the 2nd quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock worth $298,000 after acquiring an additional 586 shares during the last quarter. 98.39% of the stock is owned by institutional investors.

About Rocket Pharmaceuticals

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.