Rocket Pharmaceuticals (NASDAQ:RCKT) Reaches New 52-Week Low – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $6.26 and last traded at $6.67, with a volume of 6510768 shares changing hands. The stock had previously closed at $7.59.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Canaccord Genuity Group decreased their target price on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. Scotiabank upped their price objective on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Monday, March 3rd. Wedbush initiated coverage on shares of Rocket Pharmaceuticals in a report on Monday, December 30th. They issued an “outperform” rating and a $32.00 target price for the company. Jefferies Financial Group initiated coverage on Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They set a “buy” rating and a $29.00 price target on the stock. Finally, The Goldman Sachs Group lowered their price target on Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.00.

Rocket Pharmaceuticals Stock Performance

The stock has a fifty day moving average of $9.55 and a 200-day moving average of $13.11. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $711.22 million, a PE ratio of -2.43 and a beta of 1.03.

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

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of large investors have recently modified their holdings of the company. Intech Investment Management LLC acquired a new position in shares of Rocket Pharmaceuticals during the third quarter worth $527,000. Charles Schwab Investment Management Inc. boosted its position in shares of Rocket Pharmaceuticals by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,814 shares of the biotechnology company’s stock worth $10,524,000 after acquiring an additional 20,322 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Rocket Pharmaceuticals by 9.1% in the 3rd 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Rocket Pharmaceuticals by 9.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,767 shares of the biotechnology company’s stock worth $347,000 after acquiring an additional 1,675 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Rocket Pharmaceuticals by 1.3% during the third 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 during the last quarter. 98.39% of the stock is 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.