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

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) hit a new 52-week low during trading on Monday . The stock traded as low as $13.65 and last traded at $13.69, with a volume of 59665 shares. The stock had previously closed at $13.98.

Analysts Set New Price Targets

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

Rocket Pharmaceuticals Price Performance

The company’s 50-day moving average is $17.75 and its 200-day moving average is $20.17. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -5.08 and a beta of 1.09. The company has a current ratio of 6.05, a quick ratio of 7.79 and a debt-to-equity ratio of 0.06.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. ProShare Advisors LLC boosted its stake in Rocket Pharmaceuticals by 9.1% in the first quarter. ProShare Advisors LLC now owns 17,614 shares of the biotechnology company’s stock valued at $475,000 after buying an additional 1,468 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Rocket Pharmaceuticals by 11.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,943,160 shares of the biotechnology company’s stock valued at $79,290,000 after purchasing an additional 314,086 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Rocket Pharmaceuticals by 174.3% during the 1st quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock valued at $70,170,000 after purchasing an additional 1,656,111 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in Rocket Pharmaceuticals by 19.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 97,134 shares of the biotechnology company’s stock worth $2,091,000 after purchasing an additional 15,708 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in 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. 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.