Goldman Sachs Group Inc. Acquires 192,905 Shares of Rocket Pharmaceuticals, Inc. $RCKT

Key Points

• Goldman Sachs Group Inc. increased its stake in Rocket Pharmaceuticals by 24%, holding approximately $6.64 million worth of stock after acquiring additional shares in the first quarter.
• Rocket Pharmaceuticals' shares have faced a setback, trading down 3.7%, with a current price of $3.16 and a 52-week range of $2.19 to $22.01.
• Wall Street analysts have mixed views on Rocket Pharmaceuticals, with several downgrading the stock while others, including Bank of America, upgraded it and set a target price of $10.00.

Goldman Sachs Group Inc. grew its holdings in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Free Report) by 24.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 995,690 shares of the biotechnology company's stock after purchasing an additional 192,905 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.93% of Rocket Pharmaceuticals worth $6,641,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Signaturefd LLC increased its holdings in Rocket Pharmaceuticals by 83.6% in the 1st quarter. Signaturefd LLC now owns 9,024 shares of the biotechnology company's stock worth $60,000 after acquiring an additional 4,108 shares during the last quarter. Hsbc Holdings PLC purchased a new position in Rocket Pharmaceuticals during the 1st quarter valued at about $69,000. LJI Wealth Management LLC purchased a new position in Rocket Pharmaceuticals during the 1st quarter valued at about $80,000. Victory Capital Management Inc. grew its holdings in Rocket Pharmaceuticals by 16.1% during the 1st quarter. Victory Capital Management Inc. now owns 11,929 shares of the biotechnology company's stock valued at $80,000 after buying an additional 1,658 shares in the last quarter. Finally, Powell Investment Advisors LLC purchased a new position in Rocket Pharmaceuticals during the 1st quarter valued at about $83,000. Hedge funds and other institutional investors own 98.39% of the company's stock.

Rocket Pharmaceuticals Stock Down 3.3%

Shares of NASDAQ:RCKT traded down $0.11 during midday trading on Friday, reaching $3.07. The company's stock had a trading volume of 792,399 shares, compared to its average volume of 3,562,596. The firm has a 50 day moving average of $3.17 and a 200-day moving average of $4.75. The firm has a market capitalization of $330.73 million, a P/E ratio of -1.23 and a beta of 0.62. The company has a quick ratio of 6.39, a current ratio of 6.39 and a debt-to-equity ratio of 0.05. Rocket Pharmaceuticals, Inc. has a 12-month low of $2.19 and a 12-month high of $21.29.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its earnings results on Thursday, August 7th. The biotechnology company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.02). During the same period last year, the company earned ($0.74) earnings per share. On average, research analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, General Counsel Martin Wilson sold 12,109 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $3.02, for a total value of $36,569.18. Following the sale, the general counsel directly owned 137,054 shares of the company's stock, valued at approximately $413,903.08. The trade was a 8.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jonathan David Schwartz sold 11,161 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $3.02, for a total value of $33,706.22. Following the completion of the sale, the insider directly owned 224,094 shares in the company, valued at $676,763.88. This trade represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,927 shares of company stock valued at $111,413. 24.76% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. UBS Group dropped their price target on Rocket Pharmaceuticals from $12.00 to $5.00 and set a "buy" rating for the company in a research report on Tuesday, June 17th. Leerink Partnrs downgraded Rocket Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 27th. The Goldman Sachs Group downgraded Rocket Pharmaceuticals from a "neutral" rating to a "sell" rating in a research report on Wednesday, May 28th. Leerink Partners reiterated a "market perform" rating and set a $8.00 price target (down previously from $37.00) on shares of Rocket Pharmaceuticals in a research report on Wednesday, May 28th. Finally, TD Cowen restated a "hold" rating on shares of Rocket Pharmaceuticals in a research report on Tuesday, May 27th. Eight investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Rocket Pharmaceuticals presently has a consensus rating of "Hold" and an average target price of $16.73.

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.