Rocket Pharmaceuticals (NASDAQ:RCKT) Announces Quarterly Earnings Results, Beats Estimates By $0.22 EPS

Rocket Pharmaceuticals (NASDAQ:RCKT) issued its quarterly earnings results on Monday. The biotechnology company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.22, FiscalAI reports.

Rocket Pharmaceuticals Stock Up 0.8%

Shares of RCKT traded up $0.03 during trading hours on Monday, hitting $3.64. The stock had a trading volume of 1,354,429 shares, compared to its average volume of 2,750,771. 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 firm has a 50 day simple moving average of $3.33 and a 200-day simple moving average of $3.61. The firm has a market capitalization of $397.45 million, a P/E ratio of -1.95 and a beta of 0.47. Rocket Pharmaceuticals has a 1-year low of $2.53 and a 1-year high of $5.45.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 55,684 shares of the stock in a transaction that occurred 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 represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders sold 66,083 shares of company stock worth $207,531. 21.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of institutional investors have recently modified their holdings of the company. MPM Bioimpact LLC lifted its holdings in shares of Rocket Pharmaceuticals by 141.2% in the second quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company’s stock valued at $9,563,000 after purchasing an additional 2,284,816 shares in the last quarter. Qube Research & Technologies Ltd boosted its holdings in Rocket Pharmaceuticals by 690.8% during 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 during the last quarter. Millennium Management LLC grew its position in Rocket Pharmaceuticals by 52.0% in the 3rd quarter. Millennium Management LLC now owns 3,570,391 shares of the biotechnology company’s stock worth $11,639,000 after purchasing an additional 1,221,554 shares in the last quarter. Opaleye Management Inc. purchased a new stake in Rocket Pharmaceuticals in the 4th quarter valued at about $3,352,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Rocket Pharmaceuticals by 73.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,097,033 shares of the biotechnology company’s stock worth $6,836,000 after buying an additional 889,231 shares during the last quarter. 98.39% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RCKT. Chardan Capital reaffirmed a “buy” rating and set a $11.00 target price on shares of Rocket Pharmaceuticals in a research note on Monday, May 11th. Weiss Ratings upgraded Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 15th. Finally, Wall Street Zen lowered shares of Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $8.71.

About Rocket Pharmaceuticals

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.