Point72 Asset Management L.P. Acquires New Position in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

Point72 Asset Management L.P. purchased a new stake in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 48,096 shares of the biotechnology company’s stock, valued at approximately $888,000.

A number of other hedge funds have also modified their holdings of the company. Westfield Capital Management Co. LP lifted its stake in shares of Rocket Pharmaceuticals by 3.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock valued at $83,001,000 after buying an additional 165,911 shares in the last quarter. Maverick Capital Ltd. lifted its position in shares of Rocket Pharmaceuticals by 4.8% in the third quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock valued at $76,072,000 after acquiring an additional 190,360 shares in the last quarter. Novo Holdings A S boosted its stake in shares of Rocket Pharmaceuticals by 4.8% in the second quarter. Novo Holdings A S now owns 1,100,000 shares of the biotechnology company’s stock worth $23,683,000 after acquiring an additional 50,000 shares during the period. First Turn Management LLC grew its position in shares of Rocket Pharmaceuticals by 10.8% during the third quarter. First Turn Management LLC now owns 621,306 shares of the biotechnology company’s stock worth $11,476,000 after purchasing an additional 60,317 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Rocket Pharmaceuticals by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,814 shares of the biotechnology company’s stock valued at $10,524,000 after purchasing an additional 20,322 shares during the period. 98.39% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RCKT. Leerink Partners dropped their price target on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. Canaccord Genuity Group reiterated a “buy” rating and issued a $39.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Chardan Capital reaffirmed a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Finally, Scotiabank began coverage on Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.00.

Insider Activity

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 11,091 shares of the business’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 transaction, the chief executive officer now owns 707,328 shares in the company, valued at $9,230,630.40. The trade was a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 13,490 shares of company stock valued at $176,045. 28.50% of the stock is currently owned by insiders.

Rocket Pharmaceuticals Trading Down 2.4 %

Shares of NASDAQ RCKT opened at $13.51 on Wednesday. The stock has a market capitalization of $1.23 billion, a P/E ratio of -4.91 and a beta of 1.01. Rocket Pharmaceuticals, Inc. has a 1-year low of $12.62 and a 1-year high of $32.53. The business’s 50 day moving average is $15.86 and its two-hundred day moving average is $19.08. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

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.