Suvretta Capital Management LLC Trims Position in Rocket Pharmaceuticals, Inc. $RCKT

Suvretta Capital Management LLC decreased its stake in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) by 7.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,843,333 shares of the biotechnology company’s stock after selling 300,000 shares during the quarter. Suvretta Capital Management LLC’s holdings in Rocket Pharmaceuticals were worth $12,529,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in RCKT. Maverick Capital Ltd. raised its stake in shares of Rocket Pharmaceuticals by 60.9% during the second quarter. Maverick Capital Ltd. now owns 8,363,813 shares of the biotechnology company’s stock valued at $20,491,000 after acquiring an additional 3,164,595 shares in the last quarter. Monaco Asset Management SAM boosted its holdings in shares of Rocket Pharmaceuticals by 538.8% in the third quarter. Monaco Asset Management SAM now owns 2,892,261 shares of the biotechnology company’s stock valued at $9,429,000 after purchasing an additional 2,439,494 shares during the period. MPM Bioimpact LLC grew its stake in Rocket Pharmaceuticals by 141.2% in the second quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company’s stock worth $9,563,000 after purchasing an additional 2,284,816 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in Rocket Pharmaceuticals by 690.8% in the second quarter. Qube Research & Technologies Ltd now owns 1,548,262 shares of the biotechnology company’s stock worth $3,793,000 after purchasing an additional 1,352,469 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Rocket Pharmaceuticals by 73.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,097,033 shares of the biotechnology company’s stock valued at $6,836,000 after purchasing an additional 889,231 shares in the last quarter. 98.39% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on RCKT shares. JPMorgan Chase & Co. cut Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a report on Tuesday, November 18th. Bank of America decreased their price objective on Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Lifesci Capital upgraded Rocket Pharmaceuticals to a “strong-buy” rating in a report on Thursday, February 26th. TD Cowen raised shares of Rocket Pharmaceuticals to a “hold” rating in a research note on Friday, December 19th. Finally, Cantor Fitzgerald increased their target price on shares of Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $13.79.

Insider Activity

In other Rocket Pharmaceuticals news, General Counsel Martin Wilson sold 12,253 shares of the stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,557.43. Following the completion of the sale, the general counsel directly owned 683,376 shares of the company’s stock, valued at approximately $2,261,974.56. This represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Gaurav Shah sold 12,279 shares of the firm’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,643.49. Following the completion of the sale, the chief executive officer owned 1,052,045 shares in the company, valued at $3,482,268.95. This represents a 1.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 29,415 shares of company stock worth $97,398 in the last quarter. 24.76% of the stock is owned by insiders.

Rocket Pharmaceuticals Stock Down 3.9%

Shares of NASDAQ RCKT opened at $4.73 on Friday. Rocket Pharmaceuticals, Inc. has a 12-month low of $2.19 and a 12-month high of $8.89. The stock’s fifty day simple moving average is $3.89 and its two-hundred day simple moving average is $3.55. The stock has a market capitalization of $513.54 million, a PE ratio of -2.35 and a beta of 0.39. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.07.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.04. During the same period in the prior year, the business earned ($0.62) earnings per share. As a group, analysts expect that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

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.