PFG Investments LLC Makes New Investment in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

PFG Investments LLC bought a new position in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 13,400 shares of the biotechnology company’s stock, valued at approximately $89,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Rhumbline Advisers grew its holdings in shares of Rocket Pharmaceuticals by 1.3% during the 4th quarter. Rhumbline Advisers now owns 99,339 shares of the biotechnology company’s stock worth $1,249,000 after purchasing an additional 1,242 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Rocket Pharmaceuticals by 4.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 32,422 shares of the biotechnology company’s stock worth $408,000 after purchasing an additional 1,280 shares during the period. Arizona State Retirement System grew its holdings in shares of Rocket Pharmaceuticals by 8.4% during the 4th quarter. Arizona State Retirement System now owns 19,826 shares of the biotechnology company’s stock worth $249,000 after purchasing an additional 1,528 shares during the period. Virtus ETF Advisers LLC grew its holdings in shares of Rocket Pharmaceuticals by 40.4% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock worth $71,000 after purchasing an additional 1,628 shares during the period. Finally, Harbour Investments Inc. grew its holdings in shares of Rocket Pharmaceuticals by 51.9% during the 4th quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock worth $68,000 after purchasing an additional 1,840 shares during the period. 98.39% of the stock is owned by institutional investors and hedge funds.

Rocket Pharmaceuticals Stock Performance

Shares of Rocket Pharmaceuticals stock opened at $2.59 on Friday. The business has a 50-day moving average of $5.02 and a 200 day moving average of $8.04. Rocket Pharmaceuticals, Inc. has a 12 month low of $2.19 and a 12 month high of $26.98. The stock has a market capitalization of $276.59 million, a price-to-earnings ratio of -0.98 and a beta of 0.68. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.19 and a quick ratio of 9.19.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings data on Tuesday, May 13th. The biotechnology company reported ($0.56) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.58) by $0.02. During the same period in the previous year, the firm posted ($0.66) earnings per share. As a group, sell-side analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on RCKT shares. UBS Group lowered their price target on Rocket Pharmaceuticals from $12.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, June 17th. The Goldman Sachs Group cut Rocket Pharmaceuticals from a “neutral” rating to a “sell” rating in a report on Wednesday, May 28th. Bank of America lowered their price target on Rocket Pharmaceuticals from $32.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, May 28th. Chardan Capital lowered their price target on Rocket Pharmaceuticals from $46.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, May 28th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Rocket Pharmaceuticals in a report on Wednesday, May 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $18.60.

Insider Activity

In related news, CEO Gaurav Shah acquired 20,000 shares of the firm’s stock in a transaction dated Thursday, April 10th. The stock was acquired at an average price of $5.08 per share, for a total transaction of $101,600.00. Following the purchase, the chief executive officer now owns 792,680 shares of the company’s stock, valued at $4,026,814.40. This represents a 2.59% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Aaron Ondrey sold 7,489 shares of Rocket Pharmaceuticals stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $5.29, for a total value of $39,616.81. Following the completion of the transaction, the chief financial officer now owns 129,650 shares of the company’s stock, valued at $685,848.50. The trade was a 5.46% decrease in their position. The disclosure for this sale can be found here. Company insiders own 24.76% of the company’s stock.

Rocket Pharmaceuticals 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.