Algert Global LLC Invests $504,000 in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

Algert Global LLC acquired a new position in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 40,060 shares of the biotechnology company's stock, valued at approximately $504,000.

Several other hedge funds and other institutional investors have also made changes to their positions in RCKT. Wellington Management Group LLP boosted its position in shares of Rocket Pharmaceuticals by 24.5% during the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock worth $175,919,000 after buying an additional 2,753,033 shares during the period. Boxer Capital Management LLC acquired a new stake in Rocket Pharmaceuticals in the fourth quarter worth approximately $18,428,000. Avoro Capital Advisors LLC acquired a new stake in Rocket Pharmaceuticals in the fourth quarter worth approximately $15,084,000. Vanguard Group Inc. lifted its position in Rocket Pharmaceuticals by 18.8% in the fourth quarter. Vanguard Group Inc. now owns 6,577,595 shares of the biotechnology company's stock worth $82,680,000 after purchasing an additional 1,040,655 shares during the period. Finally, Marshall Wace LLP lifted its position in Rocket Pharmaceuticals by 4,422.4% in the fourth quarter. Marshall Wace LLP now owns 456,762 shares of the biotechnology company's stock worth $5,741,000 after purchasing an additional 446,662 shares during the period. 98.39% of the stock is currently owned by institutional investors and hedge funds.

Rocket Pharmaceuticals Price Performance

NASDAQ RCKT opened at $6.97 on Monday. The stock has a market capitalization of $744.30 million, a P/E ratio of -2.53 and a beta of 1.02. Rocket Pharmaceuticals, Inc. has a 1 year low of $4.55 and a 1 year high of $26.98. The business's fifty day moving average is $7.15 and its two-hundred day moving average is $10.60. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The biotechnology company reported ($0.56) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.03. During the same period in the prior year, the firm posted ($0.66) earnings per share. On average, research analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, insider Kinnari Patel bought 21,099 shares of the business's stock in a transaction on Wednesday, April 9th. The shares were bought at an average cost of $4.70 per share, with a total value of $99,165.30. Following the purchase, the insider now directly owns 26,774 shares in the company, valued at $125,837.80. This trade represents a 371.79% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Aaron Ondrey sold 7,489 shares of the business's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $5.29, for a total transaction of $39,616.81. Following the sale, the chief financial officer now directly owns 129,650 shares in the company, valued at approximately $685,848.50. This trade represents a 5.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 28.50% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Scotiabank upped their target price on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a "sector outperform" rating in a research report on Monday, March 3rd. Needham & Company LLC restated a "buy" rating and issued a $42.00 target price on shares of Rocket Pharmaceuticals in a research report on Wednesday, April 9th. Canaccord Genuity Group cut their target price on Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. Chardan Capital cut their target price on Rocket Pharmaceuticals from $54.00 to $45.00 and set a "buy" rating for the company in a research report on Friday. Finally, JPMorgan Chase & Co. cut their target price on Rocket Pharmaceuticals from $45.00 to $44.00 and set an "overweight" rating for the company in a research report on Friday. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $41.09.

Rocket Pharmaceuticals 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.

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