Rocket Pharmaceuticals, Inc. $RCKT Shares Acquired by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. boosted its stake in Rocket Pharmaceuticals by 73.6% in Q3, acquiring 889,231 shares to hold 2,097,033 shares (≈1.94% of the company) valued at about $6.84 million.
• Insiders have been selling recently—29,415 shares sold in the last 90 days, including CEO Gaurav Shah and General Counsel Martin Wilson each selling ~12,200 shares on Feb. 13—though insiders still own 24.76% of the stock.
• Analyst coverage is mixed with a MarketBeat consensus of "Hold" and an average price target of $13.86, while the stock trades near $3.58 with a market cap around $390.7M and a negative P/E.

JPMorgan Chase & Co. lifted its holdings in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Free Report) by 73.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 2,097,033 shares of the biotechnology company's stock after acquiring an additional 889,231 shares during the period. JPMorgan Chase & Co. owned approximately 1.94% of Rocket Pharmaceuticals worth $6,836,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of RCKT. Federated Hermes Inc. grew its position in Rocket Pharmaceuticals by 0.5% during the 3rd quarter. Federated Hermes Inc. now owns 627,567 shares of the biotechnology company's stock worth $2,046,000 after purchasing an additional 3,264 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its holdings 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 worth $29,000 after buying an additional 5,926 shares during the last quarter. Raymond James Financial Inc. lifted its stake in shares of Rocket Pharmaceuticals by 5.9% during the third quarter. Raymond James Financial Inc. now owns 129,858 shares of the biotechnology company's stock worth $423,000 after buying an additional 7,188 shares during the period. Hudson Bay Capital Management LP grew its holdings in shares of Rocket Pharmaceuticals by 26.6% during the third quarter. Hudson Bay Capital Management LP now owns 34,700 shares of the biotechnology company's stock valued at $113,000 after buying an additional 7,300 shares during the last quarter. Finally, Prudential Financial Inc. purchased a new stake in shares of Rocket Pharmaceuticals during the second quarter valued at $25,000. Institutional investors and hedge funds own 98.39% of the company's stock.

Rocket Pharmaceuticals Stock Up 4.1%

Rocket Pharmaceuticals stock opened at $3.58 on Wednesday. The business's 50-day moving average price is $4.03 and its 200 day moving average price is $3.64. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.07. The firm has a market cap of $390.65 million, a price-to-earnings ratio of -1.78 and a beta of 0.39. Rocket Pharmaceuticals, Inc. has a 52 week low of $2.19 and a 52 week high of $8.26.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its quarterly earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.42) by $0.04. During the same period last year, the company earned ($0.62) earnings per share. As a group, sell-side analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Insider Activity at Rocket Pharmaceuticals

In related news, General Counsel Martin Wilson sold 12,253 shares of the business's stock in a transaction on Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,557.43. Following the completion of the transaction, the general counsel directly owned 683,376 shares in the company, valued at $2,261,974.56. The trade was a 1.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gaurav Shah sold 12,279 shares of the firm's stock in a transaction on Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,643.49. Following the sale, the chief executive officer owned 1,052,045 shares in the company, valued at approximately $3,482,268.95. This represents a 1.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 29,415 shares of company stock valued at $97,398. Insiders own 24.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Bank of America raised their target price on Rocket Pharmaceuticals from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Monday. Morgan Stanley set a $5.00 price objective on Rocket Pharmaceuticals in a report on Thursday, January 8th. Wall Street Zen cut Rocket Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Sunday, March 8th. The Goldman Sachs Group lifted their target price on Rocket Pharmaceuticals to $3.00 and gave the stock a "sell" rating in a report on Monday, March 2nd. Finally, TD Cowen upgraded Rocket Pharmaceuticals to a "hold" rating in a research report on Friday, December 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $13.86.

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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