Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Down 4% – Time to Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price dropped 4% during mid-day trading on Thursday . The stock traded as low as $10.44 and last traded at $10.45. Approximately 302,815 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 1,543,305 shares. The stock had previously closed at $10.88.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Canaccord Genuity Group restated a “buy” rating and issued a $39.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Wedbush started coverage on Rocket Pharmaceuticals in a research note on Monday, December 30th. They set an “outperform” rating and a $32.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Chardan Capital restated a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.27.

Rocket Pharmaceuticals Stock Performance

The firm’s fifty day simple moving average is $12.82 and its 200 day simple moving average is $17.14. The company has a market capitalization of $939.86 million, a PE ratio of -3.75 and a beta of 1.01. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

Insider Activity at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 11,091 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $13.05, for a total transaction of $144,737.55. Following the sale, the chief executive officer now directly owns 707,328 shares of the company’s stock, valued at $9,230,630.40. This represents a 1.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders have sold 13,490 shares of company stock worth $176,045. 28.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Rhumbline Advisers raised its stake in shares of Rocket Pharmaceuticals by 5.2% during the 2nd quarter. Rhumbline Advisers now owns 101,134 shares of the biotechnology company’s stock worth $2,177,000 after buying an additional 4,958 shares during the period. Renaissance Technologies LLC acquired a new position in Rocket Pharmaceuticals during the second quarter worth $2,144,000. Marshall Wace LLP acquired a new stake in shares of Rocket Pharmaceuticals in the second quarter valued at about $422,000. Maverick Capital Ltd. grew its position in shares of Rocket Pharmaceuticals by 1.0% in the second quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company’s stock valued at $84,577,000 after purchasing an additional 40,000 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Rocket Pharmaceuticals by 23.5% during the second quarter. The Manufacturers Life Insurance Company now owns 139,613 shares of the biotechnology company’s stock worth $3,006,000 after purchasing an additional 26,556 shares in the last quarter. Hedge funds and other 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.