Rocket Pharmaceuticals (NASDAQ:RCKT) Announces Earnings Results

Rocket Pharmaceuticals (NASDAQ:RCKT) posted its earnings results on Thursday. The biotechnology company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.04, Zacks reports. During the same period in the prior year, the company earned ($0.62) earnings per share.

Rocket Pharmaceuticals Trading Up 4.6%

Shares of RCKT stock traded up $0.20 during mid-day trading on Thursday, hitting $4.53. The company’s stock had a trading volume of 2,924,251 shares, compared to its average volume of 1,968,723. The company has a market cap of $490.24 million, a PE ratio of -2.01 and a beta of 0.48. The company has a debt-to-equity ratio of 0.06, a quick ratio of 7.30 and a current ratio of 7.30. The company’s fifty day simple moving average is $3.58 and its 200-day simple moving average is $3.43. Rocket Pharmaceuticals has a 52 week low of $2.19 and a 52 week high of $9.81.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RCKT shares. Bank of America dropped their price objective 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. JPMorgan Chase & Co. downgraded shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a research note on Tuesday, November 18th. Morgan Stanley set a $5.00 price objective on shares of Rocket Pharmaceuticals in a research note on Thursday, January 8th. Wedbush reaffirmed an “outperform” rating and set a $16.00 target price on shares of Rocket Pharmaceuticals in a research report on Friday, November 7th. Finally, TD Cowen raised Rocket Pharmaceuticals to a “hold” rating in a report on Friday, December 19th. Eight analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Rocket Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $14.36.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 12,279 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,643.49. Following the completion of the sale, the chief executive officer directly owned 1,052,045 shares in the company, valued at approximately $3,482,268.95. The trade was a 1.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Martin Wilson sold 12,253 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,557.43. Following the completion of the transaction, the general counsel directly owned 683,376 shares in the company, valued at approximately $2,261,974.56. This trade represents a 1.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 29,415 shares of company stock valued at $97,398 in the last ninety days. 24.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of large investors have recently bought and sold shares of the stock. Prudential Financial Inc. acquired a new position in shares of Rocket Pharmaceuticals during the second quarter valued at about $25,000. CANADA LIFE ASSURANCE Co grew its stake in shares of Rocket Pharmaceuticals by 94.4% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 5,926 shares during the period. Franklin Resources Inc. bought a new stake in Rocket Pharmaceuticals in the 4th quarter valued at about $38,000. Virtu Financial LLC acquired a new position in Rocket Pharmaceuticals during the 3rd quarter worth approximately $40,000. Finally, Ameriprise Financial Inc. bought a new position in Rocket Pharmaceuticals in the third quarter worth approximately $43,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Pharmaceuticals

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.