Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT – Get Rating)’s share price dropped 4.6% during mid-day trading on Friday after SVB Leerink lowered their price target on the stock from $54.00 to $50.00. SVB Leerink currently has an outperform rating on the stock. Rocket Pharmaceuticals traded as low as $18.23 and last traded at $18.31. Approximately 14,432 shares traded hands during trading, a decline of 98% from the average daily volume of 892,091 shares. The stock had previously closed at $19.20.
Several other research firms also recently weighed in on RCKT. Evercore ISI boosted their target price on shares of Rocket Pharmaceuticals from $65.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, September 30th. UBS Group dropped their target price on shares of Rocket Pharmaceuticals from $68.00 to $62.00 and set a “buy” rating for the company in a research report on Tuesday, September 27th. Raymond James boosted their target price on shares of Rocket Pharmaceuticals from $24.00 to $34.00 and gave the stock an “outperform” rating in a research report on Monday, October 3rd. Needham & Company LLC dropped their target price on shares of Rocket Pharmaceuticals from $62.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, November 4th. Finally, Canaccord Genuity Group began coverage on shares of Rocket Pharmaceuticals in a research report on Monday, November 7th. They issued a “buy” rating and a $53.00 target price for the company. One equities research analyst has rated the stock with a sell rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $55.40.
Insider Buying and Selling at Rocket Pharmaceuticals
In other news, Director Rtw Investments, Lp bought 1,355,932 shares of Rocket Pharmaceuticals stock in a transaction on Thursday, October 6th. The stock was purchased at an average cost of $14.75 per share, with a total value of $19,999,997.00. Following the purchase, the director now directly owns 17,628,567 shares of the company’s stock, valued at approximately $260,021,363.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 33.67% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Rocket Pharmaceuticals in the 3rd quarter worth approximately $28,000. Great West Life Assurance Co. Can acquired a new stake in shares of Rocket Pharmaceuticals in the 3rd quarter worth approximately $40,000. Point72 Hong Kong Ltd acquired a new stake in shares of Rocket Pharmaceuticals in the 3rd quarter worth approximately $100,000. Amalgamated Bank acquired a new stake in shares of Rocket Pharmaceuticals in the 1st quarter worth approximately $106,000. Finally, Virtus ETF Advisers LLC lifted its stake in shares of Rocket Pharmaceuticals by 44.2% in the 2nd quarter. Virtus ETF Advisers LLC now owns 9,792 shares of the biotechnology company’s stock worth $135,000 after acquiring an additional 3,000 shares during the period. 93.23% of the stock is owned by institutional investors and hedge funds.
Rocket Pharmaceuticals Stock Down 4.7 %
The business’s 50 day moving average price is $18.66 and its two-hundred day moving average price is $16.30. The company has a quick ratio of 10.31, a current ratio of 10.31 and a debt-to-equity ratio of 0.05.
About Rocket Pharmaceuticals
Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a multi-platform 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.