Maverick Capital Ltd. Increases Stake in Rocket Pharmaceuticals, Inc. $RCKT

Maverick Capital Ltd. grew its stake in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) by 42.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,567,372 shares of the biotechnology company’s stock after buying an additional 1,054,262 shares during the period. Maverick Capital Ltd.’s holdings in Rocket Pharmaceuticals were worth $12,771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of RCKT. AQR Capital Management LLC grew its stake in Rocket Pharmaceuticals by 148.4% during the first quarter. AQR Capital Management LLC now owns 163,622 shares of the biotechnology company’s stock valued at $1,091,000 after acquiring an additional 97,758 shares in the last quarter. Millennium Management LLC increased its holdings in Rocket Pharmaceuticals by 121.8% in the 1st quarter. Millennium Management LLC now owns 747,147 shares of the biotechnology company’s stock valued at $4,983,000 after acquiring an additional 410,238 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Rocket Pharmaceuticals in the 1st quarter worth $189,000. Goldman Sachs Group Inc. lifted its stake in Rocket Pharmaceuticals by 24.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 995,690 shares of the biotechnology company’s stock worth $6,641,000 after purchasing an additional 192,905 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Rocket Pharmaceuticals by 1.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,030,891 shares of the biotechnology company’s stock valued at $4,976,000 after purchasing an additional 36,847 shares during the last quarter. Hedge funds and other institutional investors own 98.39% of the company’s stock.

Insider Activity

In other Rocket Pharmaceuticals news, insider Sarbani Chaudhuri sold 17,650 shares of the company’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $3.84, for a total transaction of $67,776.00. Following the sale, the insider directly owned 267,510 shares in the company, valued at $1,027,238.40. This represents a 6.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gaurav Shah sold 55,684 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $3.09, for a total value of $172,063.56. Following the completion of the transaction, the chief executive officer owned 1,061,724 shares of the company’s stock, valued at approximately $3,280,727.16. This trade represents a 4.98% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 83,733 shares of company stock valued at $275,307. 21.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RCKT. Weiss Ratings upgraded Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 15th. Wall Street Zen downgraded Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Chardan Capital reissued a “buy” rating and set a $11.00 price target on shares of Rocket Pharmaceuticals in a research note on Monday, May 11th. Finally, Bank of America raised their price target on Rocket Pharmaceuticals from $8.00 to $9.00 and gave the company a “buy” rating in a report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $8.71.

Rocket Pharmaceuticals Price Performance

RCKT stock opened at $3.25 on Tuesday. Rocket Pharmaceuticals, Inc. has a 52 week low of $2.53 and a 52 week high of $5.45. The company has a quick ratio of 6.12, a current ratio of 6.12 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $3.26 and a two-hundred day simple moving average of $3.64. The firm has a market capitalization of $354.87 million, a P/E ratio of -1.74 and a beta of 0.45.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its earnings results on Thursday, May 7th. The biotechnology company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.01). During the same period in the previous year, the company posted ($0.56) EPS. Analysts anticipate that Rocket Pharmaceuticals, Inc. will post -1.16 earnings per share for the current fiscal year.

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.