Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Short Interest Update

Key Points

• Rocket Pharmaceuticals saw a 32.1% increase in short interest, reaching 15,490,000 shares as of August 31st.
• The company's stock currently has a consensus rating of "Hold" with an average target price of $16.73, despite varied analyst ratings.
• Insider activity included Director Elisabeth Bjork purchasing 10,000 shares, indicating increased confidence in the company, while General Counsel Martin Wilson sold 12,109 shares.

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 15,490,000 shares, an increase of 32.1% from the August 15th total of 11,730,000 shares. Based on an average trading volume of 4,160,000 shares, the short-interest ratio is currently 3.7 days. Currently, 19.1% of the shares of the stock are sold short. Currently, 19.1% of the shares of the stock are sold short. Based on an average trading volume of 4,160,000 shares, the short-interest ratio is currently 3.7 days.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RCKT. Bank of America upgraded shares of Rocket Pharmaceuticals from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $4.00 to $10.00 in a research report on Wednesday, August 20th. Scotiabank lowered their price target on shares of Rocket Pharmaceuticals from $51.00 to $19.00 and set a "sector outperform" rating for the company in a research report on Wednesday, May 28th. The Goldman Sachs Group cut shares of Rocket Pharmaceuticals from a "neutral" rating to a "sell" rating in a research report on Wednesday, May 28th. Evercore ISI cut shares of Rocket Pharmaceuticals from an "outperform" rating to an "in-line" rating and set a $5.00 price objective for the company. in a report on Friday, May 30th. Finally, BMO Capital Markets reduced their price target on shares of Rocket Pharmaceuticals from $30.00 to $8.00 and set an "outperform" rating for the company in a report on Wednesday, May 28th. Eight analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $16.73.

Rocket Pharmaceuticals Stock Performance

NASDAQ:RCKT traded down $0.10 during mid-day trading on Friday, reaching $3.07. 3,411,062 shares of the company's stock were exchanged, compared to its average volume of 2,362,926. The firm has a market capitalization of $331.25 million, a PE ratio of -1.22 and a beta of 0.62. The company has a debt-to-equity ratio of 0.05, a quick ratio of 6.39 and a current ratio of 6.39. Rocket Pharmaceuticals has a one year low of $2.19 and a one year high of $21.29. The business's fifty day simple moving average is $3.18 and its two-hundred day simple moving average is $4.68.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced 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 period in the previous year, the business posted ($0.74) EPS. Analysts anticipate that Rocket Pharmaceuticals will post -2.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, insider Jonathan David Schwartz sold 11,161 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $3.02, for a total value of $33,706.22. Following the completion of the transaction, the insider directly owned 224,094 shares of the company's stock, valued at approximately $676,763.88. The trade was a 4.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Martin Wilson sold 12,109 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $3.02, for a total transaction of $36,569.18. Following the sale, the general counsel owned 137,054 shares of the company's stock, valued at approximately $413,903.08. This represents a 8.12% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,927 shares of company stock valued at $111,413. Insiders own 24.76% of the company's stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Large investors have recently bought and sold shares of the company. Signaturefd LLC grew its stake in Rocket Pharmaceuticals by 83.6% during the first quarter. Signaturefd LLC now owns 9,024 shares of the biotechnology company's stock worth $60,000 after buying an additional 4,108 shares in the last quarter. Prudential Financial Inc. acquired a new stake in Rocket Pharmaceuticals during the second quarter worth about $25,000. Hsbc Holdings PLC acquired a new stake in Rocket Pharmaceuticals during the first quarter worth about $69,000. Victory Capital Management Inc. grew its stake in Rocket Pharmaceuticals by 16.1% during the first quarter. Victory Capital Management Inc. now owns 11,929 shares of the biotechnology company's stock worth $80,000 after buying an additional 1,658 shares in the last quarter. Finally, LJI Wealth Management LLC acquired a new stake in shares of Rocket Pharmaceuticals in the 1st quarter valued at approximately $80,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

Rocket Pharmaceuticals Company Profile

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.