Maverick Capital Ltd. Purchases 1,054,262 Shares of Rocket Pharmaceuticals, Inc. $RCKT

Key Points

• Maverick Capital increased its Rocket Pharmaceuticals stake by 42%, purchasing 1,054,262 shares to own 3.57 million shares, or about 3.27% of the company. Institutional investors collectively hold 98.39% of RCKT.
• Rocket Pharmaceuticals reported a quarterly loss of $0.42 per share, slightly missing analysts’ $0.41-loss estimate. Analysts expect a full-year loss of approximately $1.16 per share.
• RCKT shares opened at $3.25, while analysts’ consensus price target was $8.71 and the overall rating was “Hold.” Recent insider activity was negative, with insiders selling 83,733 shares over three months.

Maverick Capital Ltd. lifted its position in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Free Report) by 42.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,567,372 shares of the biotechnology company's stock after buying an additional 1,054,262 shares during the period. Maverick Capital Ltd. owned approximately 3.27% of Rocket Pharmaceuticals worth $12,771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of RCKT. JPMorgan Chase & Co. lifted its holdings in Rocket Pharmaceuticals by 73.6% in the third quarter. JPMorgan Chase & Co. now owns 2,097,033 shares of the biotechnology company's stock valued at $6,836,000 after acquiring an additional 889,231 shares during the period. Sei Investments Co. bought a new stake in shares of Rocket Pharmaceuticals during the 1st quarter valued at about $101,000. Renaissance Technologies LLC increased its position in shares of Rocket Pharmaceuticals by 51.3% during the 1st quarter. Renaissance Technologies LLC now owns 637,174 shares of the biotechnology company's stock valued at $2,281,000 after purchasing an additional 216,000 shares during the last quarter. Rice Hall James & Associates LLC increased its position in shares of Rocket Pharmaceuticals by 8.1% during the 1st quarter. Rice Hall James & Associates LLC now owns 91,887 shares of the biotechnology company's stock valued at $329,000 after purchasing an additional 6,900 shares during the last quarter. Finally, Sequoia Financial Advisors LLC lifted its stake in shares of Rocket Pharmaceuticals by 68.9% in the 1st quarter. Sequoia Financial Advisors LLC now owns 20,349 shares of the biotechnology company's stock worth $73,000 after purchasing an additional 8,298 shares during the period. Institutional investors own 98.39% of the company's stock.

Rocket Pharmaceuticals Stock Up 1.9%

RCKT stock opened at $3.25 on Tuesday. Rocket Pharmaceuticals, Inc. has a twelve month low of $2.53 and a twelve month high of $5.45. The company has a quick ratio of 6.12, a current ratio of 6.12 and a debt-to-equity ratio of 0.08. The stock has a market cap of $354.87 million, a P/E ratio of -1.74 and a beta of 0.45. The business's 50-day moving average price is $3.26 and its 200-day moving average price is $3.64.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its earnings results on Thursday, May 7th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.01). During the same period in the prior year, the firm earned ($0.56) EPS. On average, equities research analysts forecast that Rocket Pharmaceuticals, Inc. will post -1.16 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Gaurav Shah sold 55,684 shares of the company's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $3.09, for a total value of $172,063.56. Following the completion of the transaction, the chief executive officer owned 1,061,724 shares of the company's stock, valued at approximately $3,280,727.16. This represents a 4.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sarbani Chaudhuri sold 17,650 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $3.84, for a total value of $67,776.00. Following the completion of the sale, the insider owned 267,510 shares of the company's stock, valued at $1,027,238.40. The trade was a 6.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 83,733 shares of company stock valued at $275,307. Corporate insiders own 21.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Weiss Ratings raised shares of Rocket Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, July 15th. Bank of America increased their price target on shares of Rocket Pharmaceuticals from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Monday, March 30th. Chardan Capital reiterated a "buy" rating and set a $11.00 price target on shares of Rocket Pharmaceuticals in a research note on Monday, May 11th. Finally, Wall Street Zen downgraded shares of Rocket Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, July 18th. 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 assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $8.71.

About Rocket Pharmaceuticals

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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