Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Crosses Below 200-Day Moving Average - Should You Sell?

Key Points

• Rocket Pharmaceuticals’ shares fell below their 200-day moving average, trading as low as $3.44 versus the $3.64 average, and last changing hands at $3.48.
• Analyst views remain mixed, resulting in a consensus “Hold” rating and an average price target of $8.57; targets range from $11 to $15 among bullish analysts.
• The company exceeded quarterly EPS expectations, reporting $1.08 versus the $0.86 consensus estimate, but analysts expect a full-year loss of approximately $1.39 per share.

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s share price passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $3.64 and traded as low as $3.44. Rocket Pharmaceuticals shares last traded at $3.48, with a volume of 1,185,384 shares.

Analysts Set New Price Targets

RCKT has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Rocket Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Monday, August 17th. Weiss Ratings lowered shares of Rocket Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 11th. Chardan Capital started coverage on shares of Rocket Pharmaceuticals in a report on Tuesday, September 1st. They set a "buy" rating and a $11.00 price objective on the stock. Finally, Wedbush dropped their price objective on shares of Rocket Pharmaceuticals from $16.00 to $15.00 and set an "outperform" rating on the stock in a report on Tuesday, August 11th. 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 stock. Based on data from MarketBeat, Rocket Pharmaceuticals presently has a consensus rating of "Hold" and a consensus target price of $8.57.

Rocket Pharmaceuticals Price Performance

The company has a market cap of $382.03 million, a P/E ratio of -20.47 and a beta of 0.50. The stock has a 50-day simple moving average of $3.58 and a 200 day simple moving average of $3.64. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.24 and a current ratio of 9.24.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.22. During the same period in the prior year, the firm earned ($0.62) EPS. On average, equities analysts expect that Rocket Pharmaceuticals, Inc. will post -1.39 EPS for the current year.

Insider Transactions at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, COO Christopher Stevens sold 36,658 shares of the business's stock in a transaction 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 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 50,613 shares of company stock valued at $176,035. Insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Prudential Financial Inc. bought a new stake in Rocket Pharmaceuticals in the second quarter valued at about $25,000. Allworth Financial LP bought a new position in Rocket Pharmaceuticals during the second quarter worth about $28,000. CANADA LIFE ASSURANCE Co lifted its stake in Rocket Pharmaceuticals by 94.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 5,926 shares during the period. Legal & General Group Plc acquired a new stake in Rocket Pharmaceuticals during the second quarter valued at approximately $31,000. Finally, HB Wealth Management LLC acquired a new stake in Rocket Pharmaceuticals during the second quarter valued at approximately $36,000. 98.39% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.