BlackRock Inc. Invests $33.94 Million in Rocket Pharmaceuticals, Inc. $RCKT

Key Points

• BlackRock acquired 9.92 million shares of Rocket Pharmaceuticals valued at approximately $33.94 million, giving it a 9.09% stake. Institutional investors and hedge funds collectively own 98.39% of the company.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $8.57; individual ratings range from Strong Buy to Sell.
• Rocket Pharmaceuticals shares opened at $3.73, within a 52-week range of $2.53 to $5.45. The company exceeded quarterly EPS expectations, reporting $1.08 versus the $0.86 consensus estimate.

BlackRock Inc. bought a new position in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 9,923,962 shares of the biotechnology company's stock, valued at approximately $33,940,000. BlackRock Inc. owned 9.09% of Rocket Pharmaceuticals at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of RCKT. Barclays PLC grew its position in Rocket Pharmaceuticals by 2.4% during the fourth quarter. Barclays PLC now owns 153,049 shares of the biotechnology company's stock worth $537,000 after buying an additional 3,656 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in Rocket Pharmaceuticals by 94.4% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 5,926 shares in the last quarter. Sanctuary Advisors LLC lifted its position in shares of Rocket Pharmaceuticals by 63.5% in the 4th quarter. Sanctuary Advisors LLC now owns 17,437 shares of the biotechnology company's stock worth $61,000 after acquiring an additional 6,769 shares during the period. Rice Hall James & Associates LLC lifted its position in shares of Rocket Pharmaceuticals by 8.1% in the 1st quarter. Rice Hall James & Associates LLC now owns 91,887 shares of the biotechnology company's stock worth $329,000 after acquiring an additional 6,900 shares during the period. Finally, Quadrant Capital Group LLC grew its holdings in shares of Rocket Pharmaceuticals by 44.0% during the 4th quarter. Quadrant Capital Group LLC now owns 23,096 shares of the biotechnology company's stock worth $81,000 after purchasing an additional 7,056 shares in the last quarter. 98.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, COO Christopher James Stevens sold 36,658 shares of the firm's stock in a transaction that occurred 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 owned 505,784 shares of the company's stock, valued at approximately $1,770,244. This trade represents a 6.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 50,613 shares of company stock worth $176,035 over the last three months. Company insiders own 21.30% of the company's stock.

Wall Street Analyst Weigh In

RCKT has been the subject of several research reports. Wall Street Zen raised Rocket Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, August 17th. Chardan Capital initiated coverage on shares of Rocket Pharmaceuticals in a research note on Tuesday. They issued a "buy" rating and a $11.00 price objective for the company. Weiss Ratings downgraded shares of Rocket Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, August 11th. Finally, Wedbush decreased their target price on shares of Rocket Pharmaceuticals from $16.00 to $15.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, Rocket Pharmaceuticals currently has a consensus rating of "Hold" and a consensus target price of $8.57.

Rocket Pharmaceuticals Stock Up 0.3%

Shares of NASDAQ RCKT opened at $3.73 on Wednesday. Rocket Pharmaceuticals, Inc. has a 52-week low of $2.53 and a 52-week high of $5.45. 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 business has a fifty day moving average of $3.53 and a two-hundred day moving average of $3.63. The stock has a market cap of $409.46 million, a PE ratio of -21.94 and a beta of 0.47.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.22. During the same quarter last year, the firm posted ($0.62) EPS. As a group, equities research analysts expect that Rocket Pharmaceuticals, Inc. will post -1.39 earnings per share for the current fiscal year.

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.

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