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

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price hit a new 52-week low on Tuesday . The stock traded as low as $8.13 and last traded at $8.23, with a volume of 437917 shares traded. The stock had previously closed at $8.59.

Analyst Ratings Changes

RCKT has been the topic of several recent research reports. Scotiabank lifted their price objective on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Monday, March 3rd. Leerink Partners decreased their price objective on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a report on Tuesday, November 19th. BMO Capital Markets initiated coverage on Rocket Pharmaceuticals in a report on Wednesday. They set an “outperform” rating and a $50.00 price objective on the stock. Canaccord Genuity Group decreased their price objective on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Finally, Jefferies Financial Group initiated coverage on Rocket Pharmaceuticals in a report on Wednesday, December 18th. They set a “buy” rating and a $29.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Rocket Pharmaceuticals Trading Down 3.4 %

The company has a 50-day simple moving average of $10.38 and a 200-day simple moving average of $14.12. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The stock has a market cap of $906.36 million, a P/E ratio of -3.09 and a beta of 1.03.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.06. On average, sell-side analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC raised its position in Rocket Pharmaceuticals by 796.2% in the 4th quarter. SG Americas Securities LLC now owns 54,921 shares of the biotechnology company’s stock valued at $690,000 after purchasing an additional 48,793 shares during the last quarter. Jennison Associates LLC raised its position in shares of Rocket Pharmaceuticals by 72.6% during the fourth quarter. Jennison Associates LLC now owns 70,304 shares of the biotechnology company’s stock worth $884,000 after acquiring an additional 29,564 shares during the last quarter. Mirador Capital Partners LP raised its position in shares of Rocket Pharmaceuticals by 403.9% during the fourth quarter. Mirador Capital Partners LP now owns 84,529 shares of the biotechnology company’s stock worth $1,063,000 after acquiring an additional 67,755 shares during the last quarter. First Turn Management LLC raised 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 acquiring an additional 60,317 shares during the last quarter. Finally, Sovran Advisors LLC bought a new stake in shares of Rocket Pharmaceuticals during the fourth quarter worth $1,895,000. Institutional investors own 98.39% of the company’s stock.

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.