Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Down 15.6% – Should You Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price fell 15.6% during trading on Monday . The company traded as low as $6.36 and last traded at $6.40. 507,961 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 1,043,319 shares. The stock had previously closed at $7.59.

Wall Street Analysts Forecast Growth

RCKT has been the subject of a number of recent research reports. Wedbush assumed coverage on Rocket Pharmaceuticals in a research report on Monday, December 30th. They issued an “outperform” rating and a $32.00 target price for the company. BMO Capital Markets began coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 price objective on the stock. Canaccord Genuity Group reduced their target price on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Needham & Company LLC cut their price objective 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. Finally, Scotiabank boosted their target price on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a report on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Rocket Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The firm has a market capitalization of $619.52 million, a PE ratio of -2.11 and a beta of 1.03. The business’s 50 day moving average is $9.46 and its two-hundred day moving average is $13.01.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.06. As a group, research analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its position in Rocket Pharmaceuticals by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 569,814 shares of the biotechnology company’s stock valued at $10,524,000 after purchasing an additional 20,322 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Rocket Pharmaceuticals by 9.1% in the third quarter. The Manufacturers Life Insurance Company now owns 152,293 shares of the biotechnology company’s stock valued at $2,813,000 after acquiring an additional 12,680 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Rocket Pharmaceuticals by 9.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,767 shares of the biotechnology company’s stock valued at $347,000 after purchasing an additional 1,675 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Rocket Pharmaceuticals by 1.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,633 shares of the biotechnology company’s stock worth $2,210,000 after purchasing an additional 1,561 shares in the last quarter. Finally, Walleye Capital LLC purchased a new stake in shares of Rocket Pharmaceuticals in the 3rd quarter worth about $2,556,000. Institutional investors own 98.39% of the company’s stock.

About Rocket Pharmaceuticals

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.