Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Passes Below Two Hundred Day Moving Average – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $3.65 and traded as low as $3.62. Rocket Pharmaceuticals shares last traded at $3.72, with a volume of 1,719,516 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RCKT. Chardan Capital reaffirmed a “buy” rating and set a $11.00 price target on shares of Rocket Pharmaceuticals in a research report on Monday, May 11th. Weiss Ratings lowered shares of Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 29th. Bank of America raised their target price on shares of Rocket Pharmaceuticals from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Monday, March 30th. Finally, Wall Street Zen upgraded shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $8.88.

Rocket Pharmaceuticals Price Performance

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 business’s 50-day moving average price is $3.29 and its two-hundred day moving average price is $3.65. The firm has a market cap of $406.19 million, a price-to-earnings ratio of -1.99 and a beta of 0.45.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.01). During the same quarter in the previous year, the business earned ($0.56) EPS. On average, research analysts forecast that Rocket Pharmaceuticals, Inc. will post -1.16 EPS for the current fiscal year.

Insider Transactions at Rocket Pharmaceuticals

In other news, insider Sarbani Chaudhuri sold 17,650 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $3.84, for a total value of $67,776.00. Following the sale, the insider owned 267,510 shares in the company, valued at approximately $1,027,238.40. This represents a 6.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gaurav Shah sold 55,684 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $3.09, for a total transaction of $172,063.56. Following the transaction, the chief executive officer directly owned 1,061,724 shares in the company, valued at $3,280,727.16. The trade was a 4.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 83,733 shares of company stock worth $275,307. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RCKT. Prudential Financial Inc. bought a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at approximately $25,000. CANADA LIFE ASSURANCE Co lifted its stake in Rocket Pharmaceuticals by 94.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 5,926 shares during the last quarter. Franklin Resources Inc. bought a new position in Rocket Pharmaceuticals during the fourth quarter worth $38,000. Virtu Financial LLC acquired a new position in Rocket Pharmaceuticals in the third quarter worth $40,000. Finally, Sequoia Financial Advisors LLC acquired a new position in Rocket Pharmaceuticals in the fourth quarter worth $42,000. Institutional investors own 98.39% of the company’s stock.

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.