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

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) hit a new 52-week low on Wednesday . The company traded as low as $7.90 and last traded at $7.97, with a volume of 338060 shares changing hands. The stock had previously closed at $8.17.

Analyst Ratings Changes

Several equities analysts have recently issued reports on RCKT shares. Needham & Company LLC lowered their target price on shares of Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating for the company in a report on Friday, February 28th. Canaccord Genuity Group dropped their target price on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. BMO Capital Markets assumed coverage on Rocket Pharmaceuticals in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $50.00 target price on the stock. Chardan Capital lowered their price target on Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Finally, Wedbush began coverage on shares of Rocket Pharmaceuticals in a research report on Monday, December 30th. They set an “outperform” rating and a $32.00 price objective on the stock. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Rocket Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Rocket Pharmaceuticals Stock Up 2.5 %

The company’s 50 day simple moving average is $9.68 and its 200-day simple moving average is $13.36. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The firm has a market cap of $840.24 million, a P/E ratio of -2.87 and a beta of 1.03.

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

Hedge Funds Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in shares of Rocket Pharmaceuticals by 24.5% in the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company’s stock worth $175,919,000 after acquiring an additional 2,753,033 shares during the period. Suvretta Capital Management LLC purchased a new position in Rocket Pharmaceuticals in the fourth quarter worth about $32,267,000. Janus Henderson Group PLC grew its stake in shares of Rocket Pharmaceuticals by 111.0% during the 4th quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company’s stock valued at $50,343,000 after purchasing an additional 2,106,699 shares during the period. Point72 Asset Management L.P. increased its position in shares of Rocket Pharmaceuticals by 3,163.9% during the 4th quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company’s stock valued at $19,733,000 after purchasing an additional 1,521,727 shares during the last quarter. Finally, Boxer Capital Management LLC purchased a new stake in shares of Rocket Pharmaceuticals during the 4th quarter valued at about $18,428,000. 98.39% of the stock is owned by institutional investors.

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.