Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Up 6.9% – Time to Buy?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price shot up 6.9% during mid-day trading on Tuesday . The stock traded as high as $13.20 and last traded at $13.20. 427,142 shares were traded during mid-day trading, a decline of 60% from the average session volume of 1,058,396 shares. The stock had previously closed at $12.35.

Analyst Ratings Changes

A number of research analysts have recently commented on RCKT shares. Jefferies Financial Group began coverage on Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They issued a “buy” rating and a $29.00 target price for the company. Wedbush assumed coverage on shares of Rocket Pharmaceuticals in a report on Monday, December 30th. They set an “outperform” rating and a $32.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Chardan Capital restated a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Finally, Leerink Partners decreased their target price on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Rocket Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $47.27.

Rocket Pharmaceuticals Trading Up 3.5 %

The stock has a 50-day simple moving average of $13.91 and a two-hundred day simple moving average of $17.78. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The firm has a market cap of $1.16 billion, a PE ratio of -4.65 and a beta of 1.01.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 11,091 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total transaction 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. This represents a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 13,490 shares of company stock worth $176,045 over the last quarter. Company insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its position in shares of Rocket Pharmaceuticals by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock worth $29,888,000 after purchasing an additional 14,256 shares in the last quarter. Main Management ETF Advisors LLC purchased a new stake in Rocket Pharmaceuticals during the 3rd quarter valued at approximately $602,000. XTX Topco Ltd purchased a new stake in Rocket Pharmaceuticals during the 3rd quarter valued at approximately $286,000. Wellington Management Group LLP raised its position 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 valued at $207,642,000 after buying an additional 2,086,424 shares during the last quarter. Finally, Sphera Funds Management LTD. lifted its holdings in shares of Rocket Pharmaceuticals by 12.0% in the third quarter. Sphera Funds Management LTD. now owns 231,792 shares of the biotechnology company’s stock worth $4,281,000 after buying an additional 24,859 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.