Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Gap Down – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $13.51, but opened at $12.83. Rocket Pharmaceuticals shares last traded at $14.10, with a volume of 1,539,090 shares traded.

Wall Street Analysts Forecast Growth

RCKT has been the subject of a number of recent research reports. Scotiabank initiated coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target for the company. Canaccord Genuity Group reaffirmed a “buy” rating and set a $39.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Leerink Partners reduced their price target on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a report on Tuesday, November 19th. Finally, Chardan Capital reiterated a “buy” rating and issued a $62.00 price target on shares of Rocket Pharmaceuticals in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Rocket Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.00.

Rocket Pharmaceuticals Stock Performance

The stock’s 50-day moving average is $15.72 and its two-hundred day moving average is $18.99. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

Insider Transactions at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 11,091 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $13.05, for a total value of $144,737.55. Following the transaction, the chief executive officer now directly owns 707,328 shares in the company, valued at approximately $9,230,630.40. This represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 13,490 shares of company stock worth $176,045. 28.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its stake in Rocket Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock worth $61,000 after acquiring an additional 582 shares in the last quarter. Dana Investment Advisors Inc. grew its stake in Rocket Pharmaceuticals by 4.4% in the second quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock worth $298,000 after purchasing an additional 586 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Rocket Pharmaceuticals by 31.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after purchasing an additional 764 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Rocket Pharmaceuticals by 1.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,633 shares of the biotechnology company’s stock valued at $2,210,000 after purchasing an additional 1,561 shares in the last quarter. Finally, Pier 88 Investment Partners LLC lifted its holdings in shares of Rocket Pharmaceuticals by 5.1% in the 3rd quarter. Pier 88 Investment Partners LLC now owns 32,490 shares of the biotechnology company’s stock worth $600,000 after buying an additional 1,590 shares during the period. Institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a late-stage biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia.