Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Crosses Below 200-Day Moving Average – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.64 and traded as low as $3.44. Rocket Pharmaceuticals shares last traded at $3.48, with a volume of 1,185,384 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RCKT shares. Wedbush reduced their price target on shares of Rocket Pharmaceuticals from $16.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, August 11th. Chardan Capital began coverage on shares of Rocket Pharmaceuticals in a report on Tuesday, September 1st. They set a “buy” rating and a $11.00 target price for the company. Weiss Ratings downgraded Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen upgraded Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, August 17th. One 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 MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of “Hold” and an average target price of $8.57.

Rocket Pharmaceuticals Stock Performance

The firm’s 50 day moving average is $3.57 and its 200-day moving average is $3.64. The stock has a market capitalization of $367.76 million, a price-to-earnings ratio of -19.71 and a beta of 0.50. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.24 and a current ratio of 9.24.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.22. During the same quarter last year, the company posted ($0.62) earnings per share. Analysts forecast that Rocket Pharmaceuticals, Inc. will post -1.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Christopher Stevens sold 36,658 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total value of $128,303.00. Following the completion of the sale, the chief operating officer directly owned 505,784 shares in the company, valued at $1,770,244. The trade was a 6.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 50,613 shares of company stock valued at $176,035 over the last quarter. 21.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the stock. Maverick Capital Ltd. increased its stake in shares of Rocket Pharmaceuticals by 42.0% during the first quarter. Maverick Capital Ltd. now owns 3,567,372 shares of the biotechnology company’s stock worth $12,771,000 after purchasing an additional 1,054,262 shares in the last quarter. Monaco Asset Management SAM purchased a new position in Rocket Pharmaceuticals in the 2nd quarter valued at about $8,483,000. ADAR1 Capital Management LLC acquired a new stake in Rocket Pharmaceuticals in the 2nd quarter worth about $1,489,000. Ieq Capital LLC purchased a new stake in Rocket Pharmaceuticals during the 2nd quarter worth approximately $1,506,000. Finally, BlackRock Inc. purchased a new stake in Rocket Pharmaceuticals during the 2nd quarter worth approximately $33,940,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.