Rocket Pharmaceuticals (NASDAQ:RCKT) Reaches New 1-Year Low – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares reached a new 52-week low during trading on Monday . The stock traded as low as $4.60 and last traded at $4.69, with a volume of 262645 shares trading hands. The stock had previously closed at $5.12.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on RCKT shares. BMO Capital Markets started 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 for the company. Wedbush assumed coverage on Rocket Pharmaceuticals in a report on Monday, December 30th. They set an “outperform” rating and a $32.00 price objective for the company. Needham & Company LLC cut their target price on Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. The Goldman Sachs Group reduced their price target on Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd. Finally, Chardan Capital lowered their price objective on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, February 28th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Rocket Pharmaceuticals Trading Down 4.3 %

The company has a market cap of $522.27 million, a P/E ratio of -1.79 and a beta of 1.00. The business’s 50-day moving average price is $9.16 and its 200 day moving average price is $12.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05.

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

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of large investors have recently made changes to their positions in RCKT. Charles Schwab Investment Management Inc. grew its position in Rocket Pharmaceuticals by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 569,814 shares of the biotechnology company’s stock worth $10,524,000 after buying an additional 20,322 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Rocket Pharmaceuticals by 9.1% in the third quarter. The Manufacturers Life Insurance Company now owns 152,293 shares of the biotechnology company’s stock worth $2,813,000 after purchasing an additional 12,680 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Rocket Pharmaceuticals by 9.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,767 shares of the biotechnology company’s stock worth $347,000 after purchasing an additional 1,675 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Rocket Pharmaceuticals by 1.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,633 shares of the biotechnology company’s stock valued at $2,210,000 after purchasing an additional 1,561 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in Rocket Pharmaceuticals during the third quarter worth about $290,000. Institutional investors own 98.39% of the company’s stock.

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.