Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Crosses Below 50 Day Moving Average - Time to Sell?

Key Points

• Rocket Pharmaceuticals shares fell below their 50-day moving average, reaching $2.17 and last trading at $2.24, compared with a 50-day average of $3.16.
• Analyst opinions are mixed, but the stock carries a consensus “Hold” rating and an average price target of $7.77; individual targets range from $2.95 to $11.00.
• The biotechnology company reported quarterly earnings of $1.08 per share, beating estimates of $0.86, while insiders sold 125,977 shares worth about $432,273 over the past 90 days.

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s share price crossed below its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $3.16 and traded as low as $2.17. Rocket Pharmaceuticals shares last traded at $2.24, with a volume of 1,850,337 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Chardan Capital restated a "buy" rating and set a $11.00 price target on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 7th. Needham & Company LLC raised shares of Rocket Pharmaceuticals from a "hold" rating to a "buy" rating and set a $9.00 price target on the stock in a research report on Wednesday, September 16th. Wedbush restated an "outperform" rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 7th. The Goldman Sachs Group raised Rocket Pharmaceuticals from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $3.00 to $4.00 in a report on Thursday, October 8th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and issued a $2.95 price objective on shares of Rocket Pharmaceuticals in a report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $7.77.

Rocket Pharmaceuticals Trading Up 2.8%

The firm has a market cap of $245.91 million, a price-to-earnings ratio of -13.18 and a beta of 0.50. The firm's fifty day moving average is $3.16 and its 200-day moving average is $3.31. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.24 and a quick ratio of 9.24.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.22. During the same quarter in the prior year, the company earned ($0.62) earnings per share. Equities analysts anticipate that Rocket Pharmaceuticals, Inc. will post -1.36 earnings per share for the current year.

Insider Buying and Selling

In other Rocket Pharmaceuticals news, General Counsel Martin Wilson sold 75,364 shares of the company's stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $3.40, for a total transaction of $256,237.60. Following the completion of the sale, the general counsel directly owned 598,489 shares in the company, valued at $2,034,862.60. This represents a 11.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Christopher Stevens sold 36,658 shares of the business'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 value 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 $1,770,244. The trade was a 6.76% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 125,977 shares of company stock worth $432,273 over the last ninety days. 21.30% of the stock is currently owned by insiders.

Institutional Trading of Rocket Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP purchased a new position in shares of Rocket Pharmaceuticals in the 2nd quarter valued at approximately $28,000. Legal & General Group Plc bought a new stake in shares of Rocket Pharmaceuticals during the second quarter valued at approximately $31,000. HB Wealth Management LLC purchased a new position in shares of Rocket Pharmaceuticals in the second quarter worth $36,000. Focus Partners Advisor Solutions LLC bought a new position in Rocket Pharmaceuticals during the 2nd quarter valued at about $41,000. Finally, Optiver Holding B.V. lifted its position in Rocket Pharmaceuticals by 584.1% during the first quarter. Optiver Holding B.V. now owns 12,484 shares of the biotechnology company's stock valued at $45,000 after purchasing an additional 10,659 shares during the period. Institutional investors own 98.39% of the company's stock.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc NASDAQ: RCKT is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses both ex vivo hematopoietic stem cell gene therapy and in vivo adeno-associated virus (AAV) gene therapy approaches to address conditions with limited or no effective treatment options.

Rocket's development programs have included marnetegragene autotemcel (RP-L102) for leukocyte adhesion deficiency-I, a rare inherited immune disorder; RP-A501 for Danon disease, a genetic heart condition; RP-A601 for arrhythmogenic right ventricular cardiomyopathy associated with PKP2 mutations; and RP-L301 for pyruvate kinase deficiency, an inherited blood disorder.

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