Rocket Pharmaceuticals (NASDAQ:RCKT) Releases Earnings Results, Beats Expectations By $0.22 EPS

Rocket Pharmaceuticals (NASDAQ:RCKT) released its quarterly earnings data on Monday. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.22, FiscalAI reports.

Rocket Pharmaceuticals Price Performance

Rocket Pharmaceuticals stock traded up $0.03 during mid-day trading on Monday, reaching $3.64. 1,357,231 shares of the company were exchanged, compared to its average volume of 2,752,837. The firm has a market cap of $397.45 million, a PE ratio of -1.95 and a beta of 0.47. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.12 and a quick ratio of 6.12. The company has a fifty day simple moving average of $3.33 and a 200-day simple moving average of $3.61. Rocket Pharmaceuticals has a 12 month low of $2.53 and a 12 month high of $5.45.

Insider Activity

In related news, CEO Gaurav Shah sold 55,684 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $3.09, for a total value of $172,063.56. Following the transaction, the chief executive officer owned 1,061,724 shares in the company, valued at approximately $3,280,727.16. This trade represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 66,083 shares of company stock worth $207,531. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC grew its holdings in shares of Rocket Pharmaceuticals by 2.4% in the fourth quarter. Barclays PLC now owns 153,049 shares of the biotechnology company’s stock valued at $537,000 after acquiring an additional 3,656 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of Rocket Pharmaceuticals by 94.4% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 5,926 shares during the period. Quadrant Capital Group LLC raised its holdings in shares of Rocket Pharmaceuticals by 44.0% in the 4th quarter. Quadrant Capital Group LLC now owns 23,096 shares of the biotechnology company’s stock worth $81,000 after purchasing an additional 7,056 shares during the period. Raymond James Financial Inc. grew its holdings in Rocket Pharmaceuticals by 5.9% during the third quarter. Raymond James Financial Inc. now owns 129,858 shares of the biotechnology company’s stock valued at $423,000 after purchasing an additional 7,188 shares during the period. Finally, Dynamic Technology Lab Private Ltd increased its holdings in Rocket Pharmaceuticals by 23.9% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 38,110 shares of the biotechnology company’s stock worth $134,000 after acquiring an additional 7,350 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RCKT. Wall Street Zen lowered Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Sunday. Chardan Capital reiterated a “buy” rating and issued a $11.00 price objective on shares of Rocket Pharmaceuticals in a report on Monday, May 11th. Finally, Weiss Ratings raised shares of Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Rocket Pharmaceuticals has an average rating of “Hold” and a consensus target price of $8.71.

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.