Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Up 9.3% – Should You Buy?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares were up 9.3% on Wednesday . The company traded as high as $4.68 and last traded at $4.6650. Approximately 2,394,610 shares were traded during mid-day trading, a decline of 12% from the average daily volume of 2,725,978 shares. The stock had previously closed at $4.27.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RCKT shares. Lifesci Capital upgraded Rocket Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, February 26th. Wall Street Zen downgraded Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday, March 8th. TD Cowen upgraded Rocket Pharmaceuticals to a “hold” rating in a report on Friday, December 19th. The Goldman Sachs Group lifted their target price on Rocket Pharmaceuticals to $3.00 and gave the company a “sell” rating in a research report on Monday, March 2nd. Finally, Cantor Fitzgerald upped their price target on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $13.79.

Rocket Pharmaceuticals Trading Up 9.6%

The firm has a market capitalization of $508.11 million, a PE ratio of -2.33 and a beta of 0.39. The firm’s fifty day moving average is $3.99 and its two-hundred day moving average is $3.61. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.38 and a quick ratio of 6.38.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Thursday, February 26th. The biotechnology company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.04. During the same quarter in the previous year, the business posted ($0.62) earnings per share. On average, equities analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 12,279 shares of the business’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,643.49. Following the transaction, the chief executive officer owned 1,052,045 shares of the company’s stock, valued at approximately $3,482,268.95. The trade was a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Martin Wilson sold 12,253 shares of the company’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,557.43. Following the completion of the transaction, the general counsel owned 683,376 shares of the company’s stock, valued at $2,261,974.56. This trade represents a 1.76% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 29,415 shares of company stock valued at $97,398. 24.76% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds have recently made changes to their positions in RCKT. AQR Capital Management LLC grew its position in Rocket Pharmaceuticals by 148.4% during the first quarter. AQR Capital Management LLC now owns 163,622 shares of the biotechnology company’s stock valued at $1,091,000 after buying an additional 97,758 shares during the period. Millennium Management LLC raised its position in Rocket Pharmaceuticals by 121.8% in the first quarter. Millennium Management LLC now owns 747,147 shares of the biotechnology company’s stock worth $4,983,000 after acquiring an additional 410,238 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Rocket Pharmaceuticals in the first quarter worth about $189,000. Goldman Sachs Group Inc. boosted its stake in Rocket Pharmaceuticals by 24.0% in the first quarter. Goldman Sachs Group Inc. now owns 995,690 shares of the biotechnology company’s stock valued at $6,641,000 after acquiring an additional 192,905 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Rocket Pharmaceuticals by 1.8% in the second quarter. Geode Capital Management LLC now owns 2,030,891 shares of the biotechnology company’s stock valued at $4,976,000 after acquiring an additional 36,847 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.