Avidity Partners Management LP Boosts Stake in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

Avidity Partners Management LP raised its holdings in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Free Report) by 40.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,053,300 shares of the biotechnology company's stock after acquiring an additional 304,300 shares during the period. Avidity Partners Management LP owned approximately 1.16% of Rocket Pharmaceuticals worth $13,240,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Wellington Management Group LLP raised its stake in Rocket Pharmaceuticals by 24.5% in the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock valued at $175,919,000 after purchasing an additional 2,753,033 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Rocket Pharmaceuticals by 18.8% in the 4th quarter. Vanguard Group Inc. now owns 6,577,595 shares of the biotechnology company's stock worth $82,680,000 after buying an additional 1,040,655 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Rocket Pharmaceuticals by 8.4% during the 4th quarter. Geode Capital Management LLC now owns 1,752,975 shares of the biotechnology company's stock valued at $22,041,000 after buying an additional 135,109 shares in the last quarter. Boxer Capital Management LLC purchased a new stake in shares of Rocket Pharmaceuticals during the 4th quarter valued at $18,428,000. Finally, Avoro Capital Advisors LLC bought a new stake in shares of Rocket Pharmaceuticals during the 4th quarter worth $15,084,000. Institutional investors own 98.39% of the company's stock.

Insider Transactions at Rocket Pharmaceuticals

In related news, insider Kinnari Patel bought 21,099 shares of the company's stock in a transaction dated Wednesday, April 9th. The stock was purchased at an average cost of $4.70 per share, with a total value of $99,165.30. Following the transaction, the insider now owns 26,774 shares in the company, valued at approximately $125,837.80. This trade represents a 371.79 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Aaron Ondrey sold 7,489 shares of Rocket Pharmaceuticals stock in a transaction dated 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 $685,848.50. The trade was a 5.46 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 28.50% of the company's stock.

Rocket Pharmaceuticals Trading Up 1.9 %

Shares of RCKT opened at $8.01 on Friday. The firm has a fifty day simple moving average of $7.37 and a two-hundred day simple moving average of $11.03. Rocket Pharmaceuticals, Inc. has a twelve month low of $4.55 and a twelve month high of $26.98. The stock has a market capitalization of $855.36 million, a P/E ratio of -2.91 and a beta of 1.02. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.06. On average, research analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on RCKT. Chardan Capital lowered their price target on Rocket Pharmaceuticals from $62.00 to $54.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. 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 reduced their price target on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating on the stock in a research report on Monday, March 3rd. The Goldman Sachs Group lowered their price objective on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating for the company in a report on Monday, March 3rd. Finally, BMO Capital Markets started coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, March 12th. They set an "outperform" rating and a $50.00 target price on the stock. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $43.00.

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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