Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Down 4.5% – Should You Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price was down 4.5% during trading on Monday . The company traded as low as $8.41 and last traded at $8.37. Approximately 259,403 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 980,360 shares. The stock had previously closed at $8.76.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RCKT shares. Scotiabank boosted their price objective on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a research note on Monday, March 3rd. The Goldman Sachs Group reduced their price target on Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Leerink Partners reduced their price target on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 19th. Needham & Company LLC reduced their price target on Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Finally, BMO Capital Markets initiated coverage on Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.00.

Rocket Pharmaceuticals Stock Performance

The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average of $10.06 and a 200-day moving average of $13.79. The stock has a market capitalization of $890.36 million, a price-to-earnings ratio of -3.04 and a beta of 1.03.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results 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. As a group, sell-side analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC boosted its holdings in Rocket Pharmaceuticals by 796.2% in the fourth quarter. SG Americas Securities LLC now owns 54,921 shares of the biotechnology company’s stock valued at $690,000 after purchasing an additional 48,793 shares during the last quarter. Jennison Associates LLC boosted its holdings in Rocket Pharmaceuticals by 72.6% in the fourth quarter. Jennison Associates LLC now owns 70,304 shares of the biotechnology company’s stock valued at $884,000 after purchasing an additional 29,564 shares during the last quarter. Mirador Capital Partners LP boosted its holdings in Rocket Pharmaceuticals by 403.9% in the fourth quarter. Mirador Capital Partners LP now owns 84,529 shares of the biotechnology company’s stock valued at $1,063,000 after purchasing an additional 67,755 shares during the last quarter. First Turn Management LLC boosted its holdings in Rocket Pharmaceuticals by 10.8% in the third quarter. First Turn Management LLC now owns 621,306 shares of the biotechnology company’s stock valued at $11,476,000 after purchasing an additional 60,317 shares during the last quarter. Finally, Sovran Advisors LLC purchased a new stake in Rocket Pharmaceuticals in the fourth quarter valued at $1,895,000. 98.39% of the stock is owned by hedge funds and other institutional investors.

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.