By otakuyassine3@gmail.com 
Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT – Get Free Report)’s share price reached a new 52-week low during trading on Thursday . The company traded as low as $11.40 and last traded at $11.53, with a volume of 135964 shares traded. The stock had previously closed at $11.74.
Analysts Set New Price Targets
A number of analysts have recently issued reports on the stock. Chardan Capital restated a “buy” rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Monday, November 18th. Canaccord Genuity Group restated a “buy” rating and issued a $39.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Needham & Company LLC restated a “buy” rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Jefferies Financial Group started coverage on shares of Rocket Pharmaceuticals in a report on Wednesday. They set a “buy” rating and a $29.00 price objective on the stock. Finally, Leerink Partners dropped their price target on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Rocket Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $48.80.
Read Our Latest Analysis on Rocket Pharmaceuticals
Rocket Pharmaceuticals Stock Performance
The firm’s 50-day simple moving average is $15.42 and its two-hundred day simple moving average is $18.77. The company has a market cap of $1.04 billion, a PE ratio of -4.15 and a beta of 1.01. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06.
Insiders Place Their Bets
In other news, CEO Gaurav Shah sold 11,091 shares of Rocket Pharmaceuticals stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $13.05, for a total value of $144,737.55. Following the completion of the sale, the chief executive officer now directly owns 707,328 shares of the company’s stock, valued at approximately $9,230,630.40. The trade was a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders sold 13,490 shares of company stock worth $176,045. Corporate insiders own 28.50% of the company’s stock.
Hedge Funds Weigh In On Rocket Pharmaceuticals
A number of institutional investors and hedge funds have recently made changes to their positions in RCKT. Wellington Management Group LLP raised its stake in shares of Rocket Pharmaceuticals by 22.8% during the third quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock worth $207,642,000 after purchasing an additional 2,086,424 shares during the last quarter. Westfield Capital Management Co. LP boosted its position in shares of Rocket Pharmaceuticals by 3.8% in the third quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock worth $83,001,000 after acquiring an additional 165,911 shares during the last quarter. Maverick Capital Ltd. raised its stake in shares of Rocket Pharmaceuticals by 4.8% in the 3rd quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock valued at $76,072,000 after acquiring an additional 190,360 shares during the period. State Street Corp lifted its stake in shares of Rocket Pharmaceuticals by 11.6% in the third quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock worth $57,294,000 after acquiring an additional 322,156 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Rocket Pharmaceuticals by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock valued at $29,888,000 after acquiring an additional 14,256 shares during the last quarter. 98.39% of the stock is owned by institutional investors and hedge funds.
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.
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