Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Down 5.3% – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price dropped 5.3% during trading on Monday . The stock traded as low as $17.73 and last traded at $17.82. Approximately 187,672 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 783,464 shares. The stock had previously closed at $18.82.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Scotiabank initiated coverage on Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price objective on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $38.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, September 30th. Needham & Company LLC reiterated a “buy” rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, September 17th. Chardan Capital reaffirmed a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. upped their target price on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Rocket Pharmaceuticals Stock Down 6.4 %

The firm has a market cap of $1.60 billion, a price-to-earnings ratio of -6.13 and a beta of 1.09. The company has a quick ratio of 7.79, a current ratio of 7.79 and a debt-to-equity ratio of 0.05. The stock’s 50 day moving average is $18.54 and its 200 day moving average is $21.13.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.02). During the same quarter in the prior year, the business posted ($0.82) earnings per share. Analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.97 EPS for the current year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of RCKT. Goldman Sachs Group Inc. boosted its position in shares of Rocket Pharmaceuticals by 12.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 594,665 shares of the biotechnology company’s stock valued at $17,822,000 after purchasing an additional 64,946 shares in the last quarter. Vanguard Group Inc. grew its position in Rocket Pharmaceuticals by 18.3% in the fourth quarter. Vanguard Group Inc. now owns 5,447,565 shares of the biotechnology company’s stock worth $163,264,000 after buying an additional 843,552 shares during the last quarter. Harbour Capital Advisors LLC grew its position in Rocket Pharmaceuticals by 115.3% in the first quarter. Harbour Capital Advisors LLC now owns 21,155 shares of the biotechnology company’s stock worth $544,000 after buying an additional 11,330 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Rocket Pharmaceuticals by 19.6% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 231,287 shares of the biotechnology company’s stock valued at $6,231,000 after buying an additional 37,937 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Rocket Pharmaceuticals by 71.3% during the 1st quarter. Principal Financial Group Inc. now owns 30,774 shares of the biotechnology company’s stock valued at $829,000 after acquiring an additional 12,811 shares during the last quarter. 98.39% of the stock is currently 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.