ADAR1 Capital Management LLC Makes New Investment in Rocket Pharmaceuticals, Inc. $RCKT

Key Points

• ADAR1 Capital Management acquired 435,500 shares of Rocket Pharmaceuticals valued at approximately $1.49 million, giving it a 0.40% stake. Institutional investors collectively own 98.39% of the company.
• Rocket Pharmaceuticals reported quarterly EPS of $1.08, exceeding the consensus estimate of $0.86. The stock opened at $3.78, with a market capitalization of roughly $415 million.
• Analyst sentiment remains mixed, with the stock carrying a consensus rating of “Hold” and an average price target of $8.57; targets range from $11 to $15 among bullish analysts.

ADAR1 Capital Management LLC acquired a new stake in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 435,500 shares of the biotechnology company's stock, valued at approximately $1,489,000. ADAR1 Capital Management LLC owned about 0.40% of Rocket Pharmaceuticals at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the company. Prudential Financial Inc. purchased a new stake in Rocket Pharmaceuticals in the 2nd quarter worth approximately $25,000. Allworth Financial LP acquired a new stake in shares of Rocket Pharmaceuticals during the second quarter worth $28,000. CANADA LIFE ASSURANCE Co grew its position in shares of Rocket Pharmaceuticals by 94.4% in the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 5,926 shares during the period. Legal & General Group Plc acquired a new position in Rocket Pharmaceuticals in the second quarter valued at $31,000. Finally, Franklin Resources Inc. acquired a new position in Rocket Pharmaceuticals in the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 98.39% of the company's stock.

Insiders Place Their Bets

In related news, COO Christopher James Stevens sold 36,658 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $3.50, for a total transaction of $128,303.00. Following the completion of the sale, the chief operating officer directly owned 505,784 shares of the company's stock, valued at approximately $1,770,244. This represents a 6.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 50,613 shares of company stock worth $176,035. 21.30% of the stock is currently owned by corporate insiders.

Rocket Pharmaceuticals Stock Up 7.1%

RCKT opened at $3.78 on Wednesday. Rocket Pharmaceuticals, Inc. has a 1 year low of $2.53 and a 1 year high of $5.45. The firm has a 50 day moving average price of $3.50 and a 200 day moving average price of $3.61. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.24 and a current ratio of 9.24. The company has a market cap of $414.97 million, a PE ratio of -22.24 and a beta of 0.47.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.22. During the same quarter last year, the business posted ($0.62) earnings per share. Sell-side analysts expect that Rocket Pharmaceuticals, Inc. will post -1.39 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RCKT shares. Weiss Ratings cut shares of Rocket Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 11th. Wall Street Zen raised shares of Rocket Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, August 17th. Chardan Capital reaffirmed a "buy" rating and set a $11.00 price target on shares of Rocket Pharmaceuticals in a research note on Monday, May 11th. Finally, Wedbush decreased their price target on shares of Rocket Pharmaceuticals from $16.00 to $15.00 and set an "outperform" rating on the stock in a report on Tuesday, August 11th. One research 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 issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $8.57.

Rocket Pharmaceuticals Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source