Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Down 4.5% – Time to Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) was down 4.5% during trading on Thursday . The stock traded as low as $12.74 and last traded at $12.77. Approximately 229,809 shares were traded during trading, a decline of 72% from the average daily volume of 812,543 shares. The stock had previously closed at $13.37.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RCKT. Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Leerink Partners decreased their target price on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a report on Tuesday, November 19th. Needham & Company LLC restated a “buy” rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Chardan Capital reiterated a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Finally, Scotiabank began coverage on Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Rocket Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $51.00.

Rocket Pharmaceuticals Price Performance

The stock has a 50 day moving average price of $15.63 and a two-hundred day moving average price of $18.93. 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 $1.10 billion, a price-to-earnings ratio of -4.37 and a beta of 1.01.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 11,091 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total value of $144,737.55. Following the completion of the transaction, the chief executive officer now owns 707,328 shares in the company, valued at $9,230,630.40. The trade was a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold 13,490 shares of company stock worth $176,045 over the last three months. Company insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC increased 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 valued at $68,000 after purchasing an additional 764 shares during the last quarter. EFG Asset Management North America Corp. increased its holdings in Rocket Pharmaceuticals by 47.0% in the second quarter. EFG Asset Management North America Corp. now owns 222,046 shares of the biotechnology company’s stock valued at $4,780,000 after buying an additional 71,044 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Rocket Pharmaceuticals by 10.4% in the second quarter. Bank of New York Mellon Corp now owns 239,877 shares of the biotechnology company’s stock valued at $5,165,000 after buying an additional 22,521 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Rocket Pharmaceuticals by 30.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,092 shares of the biotechnology company’s stock worth $368,000 after buying an additional 3,995 shares during the last quarter. Finally, Privium Fund Management B.V. boosted its position in shares of Rocket Pharmaceuticals by 6.8% during the 2nd quarter. Privium Fund Management B.V. now owns 250,980 shares of the biotechnology company’s stock worth $4,964,000 after acquiring an additional 15,930 shares in the last quarter. 98.39% of the stock is currently owned by hedge funds and other 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.