Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Pass Above 50 Day Moving Average – Should You Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $3.37 and traded as high as $3.96. Rocket Pharmaceuticals shares last traded at $3.71, with a volume of 2,565,810 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have weighed in on RCKT. Morgan Stanley set a $5.00 price target on shares of Rocket Pharmaceuticals in a research note on Thursday, January 8th. TD Cowen upgraded Rocket Pharmaceuticals to a “hold” rating in a research note on Friday, December 19th. Leerink Partners decreased their price target on shares of Rocket Pharmaceuticals from $9.00 to $7.00 and set a “market perform” rating for the company in a research note on Friday, October 3rd. Wedbush reiterated an “outperform” rating and issued a $16.00 price objective on shares of Rocket Pharmaceuticals in a report on Friday, November 7th. Finally, Bank of America reduced their target price on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $14.36.

Rocket Pharmaceuticals Trading Down 1.9%

The business’s 50 day simple moving average is $3.38 and its 200 day simple moving average is $3.32. The stock has a market cap of $393.92 million, a price-to-earnings ratio of -1.62 and a beta of 0.47. The company has a quick ratio of 7.30, a current ratio of 7.30 and a debt-to-equity ratio of 0.06.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its earnings results on Thursday, November 6th. The biotechnology company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. During the same quarter in the prior year, the firm earned ($0.71) earnings per share. On average, research analysts expect that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Amitell Capital Pte Ltd bought a new stake in shares of Rocket Pharmaceuticals in the second quarter valued at about $556,000. Maverick Capital Ltd. boosted its holdings in Rocket Pharmaceuticals by 60.9% in the 2nd quarter. Maverick Capital Ltd. now owns 8,363,813 shares of the biotechnology company’s stock valued at $20,491,000 after purchasing an additional 3,164,595 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Rocket Pharmaceuticals by 7,818.1% during the second quarter. Farther Finance Advisors LLC now owns 13,540 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 13,369 shares during the period. Bank of Montreal Can bought a new position in shares of Rocket Pharmaceuticals during the second quarter worth approximately $181,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Rocket Pharmaceuticals in the second quarter valued at approximately $43,000. 98.39% of the stock is currently owned by institutional investors.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.