Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 52-Week Low – Time to Sell?

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) reached a new 52-week low during trading on Tuesday . The stock traded as low as $15.92 and last traded at $16.04, with a volume of 639742 shares traded. The stock had previously closed at $16.86.

Analyst Ratings Changes

RCKT has been the subject of several analyst reports. JPMorgan Chase & Co. upped their target price on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 6th. Scotiabank began coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $38.00 price target on shares of Rocket Pharmaceuticals in a research note on Monday, September 30th. Needham & Company LLC restated a “buy” rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a research report on Friday, November 8th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Rocket Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Rocket Pharmaceuticals Stock Performance

The firm has a market capitalization of $1.35 billion, a P/E ratio of -5.39 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 7.79. The stock has a fifty day simple moving average of $17.84 and a two-hundred day simple moving average of $20.25.

Institutional Trading of Rocket Pharmaceuticals

Large investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Rocket Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock valued at $61,000 after acquiring an additional 582 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of Rocket Pharmaceuticals by 31.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after buying an additional 764 shares during the last quarter. Values First Advisors Inc. bought a new stake in shares of Rocket Pharmaceuticals during the third quarter valued at approximately $108,000. SG Americas Securities LLC acquired a new stake in shares of Rocket Pharmaceuticals in the third quarter valued at $113,000. Finally, Verition Fund Management LLC purchased a new stake in Rocket Pharmaceuticals during the third quarter valued at about $290,000. Hedge funds and other institutional investors own 98.39% of the company’s stock.

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.