Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Insider Sells $33,706.22 in Stock

Key Points

• Jonathan David Schwartz, an insider at Rocket Pharmaceuticals, sold 11,161 shares at an average price of $3.02, totaling $33,706.22, resulting in a 4.74% decrease in ownership.
• The company reported a loss of ($0.59) EPS for the latest quarter, missing analysts' estimates, and is projected to post -2.83 EPS for the current year.
• Several firms have recently reduced their price targets for Rocket Pharmaceuticals, with BMO Capital Markets setting a new target of $8.00 and maintaining an “outperform” rating.

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) insider Jonathan David Schwartz sold 11,161 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $3.02, for a total transaction of $33,706.22. Following the completion of the transaction, the insider owned 224,094 shares of the company's stock, valued at $676,763.88. This trade represents a 4.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Rocket Pharmaceuticals Trading Down 0.7%

Shares of NASDAQ:RCKT traded down $0.02 during trading on Monday, hitting $3.03. 1,614,041 shares of the company's stock were exchanged, compared to its average volume of 3,323,091. Rocket Pharmaceuticals, Inc. has a 1-year low of $2.19 and a 1-year high of $22.01. The firm has a 50-day moving average price of $2.96 and a two-hundred day moving average price of $5.84. The company has a current ratio of 6.39, a quick ratio of 6.39 and a debt-to-equity ratio of 0.05. The firm has a market cap of $326.94 million, a P/E ratio of -1.21 and a beta of 0.65.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.02). During the same quarter in the previous year, the business posted ($0.74) EPS. Equities analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RCKT. Prudential Financial Inc. acquired a new position in Rocket Pharmaceuticals during the second quarter valued at approximately $25,000. CANADA LIFE ASSURANCE Co lifted its stake in Rocket Pharmaceuticals by 94.4% in the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company's stock valued at $29,000 after buying an additional 5,926 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Rocket Pharmaceuticals by 7,818.1% in the second quarter. Farther Finance Advisors LLC now owns 13,540 shares of the biotechnology company's stock valued at $33,000 after buying an additional 13,369 shares in the last quarter. Corton Capital Inc. bought a new position in Rocket Pharmaceuticals in the second quarter valued at approximately $38,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Rocket Pharmaceuticals in the second quarter valued at approximately $43,000. Institutional investors and hedge funds own 98.39% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. BMO Capital Markets dropped their price target on shares of Rocket Pharmaceuticals from $30.00 to $8.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 28th. Leerink Partnrs lowered shares of Rocket Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 27th. TD Cowen restated a "hold" rating on shares of Rocket Pharmaceuticals in a research note on Tuesday, May 27th. Morgan Stanley restated an "equal weight" rating and set a $7.00 price target on shares of Rocket Pharmaceuticals in a research note on Wednesday, May 28th. Finally, Chardan Capital dropped their price target on shares of Rocket Pharmaceuticals from $12.00 to $11.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of "Hold" and an average target price of $16.33.

About Rocket Pharmaceuticals

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.

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