Rocket Pharmaceuticals (NASDAQ:RCKT) Announces Earnings Results

Key Points

• Rocket Pharmaceuticals reported quarterly EPS of ($0.42), slightly missing analysts’ estimate of ($0.41). The result was an improvement from ($0.56) per share in the same quarter last year.
• The stock fell 1.1% to $3.63 in Friday trading, with volume running above average. RCKT remains well below its 52-week high of $7.39 and has a market cap of about $396 million.
• Wall Street sentiment is mixed, with a consensus rating of “Hold” and an average target price of $11.54. Recent analyst moves included upgrades from Bank of America and Cantor Fitzgerald, alongside a sell rating from Goldman Sachs.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) issued its quarterly earnings results on Thursday. The biotechnology company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.01), Zacks reports. During the same quarter in the prior year, the business earned ($0.56) EPS.

Rocket Pharmaceuticals Trading Down 1.1%

RCKT stock traded down $0.04 during mid-day trading on Friday, reaching $3.63. 3,682,797 shares of the stock traded hands, compared to its average volume of 2,125,075. Rocket Pharmaceuticals has a 52-week low of $2.19 and a 52-week high of $7.39. The stock's fifty day moving average is $4.09 and its 200-day moving average is $3.69. The company has a market cap of $396.11 million, a P/E ratio of -1.94 and a beta of 0.52. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.07.

Wall Street Analyst Weigh In

A number of analysts recently commented on RCKT shares. Cantor Fitzgerald boosted their target price on shares of Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an "overweight" rating in a report on Friday, February 27th. The Goldman Sachs Group raised their target price on shares of Rocket Pharmaceuticals to $3.00 and gave the stock a "sell" rating in a report on Monday, March 2nd. Bank of America lifted their price target on shares of Rocket Pharmaceuticals from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Monday, March 30th. Wall Street Zen cut Rocket Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Sunday, March 8th. Finally, Lifesci Capital upgraded Rocket Pharmaceuticals to a "strong-buy" rating in a research report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Rocket Pharmaceuticals presently has a consensus rating of "Hold" and an average target price of $11.54.

Insider Activity at Rocket Pharmaceuticals

In other news, General Counsel Martin Wilson sold 12,253 shares of the business's stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,557.43. Following the sale, the general counsel owned 683,376 shares in the company, valued at $2,261,974.56. The trade was a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gaurav Shah sold 12,279 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 1,052,045 shares of the company's stock, valued at approximately $3,482,268.95. This trade represents a 1.15% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 29,415 shares of company stock worth $97,398. 21.30% of the stock is currently owned by insiders.

Institutional Trading of Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. MPM Bioimpact LLC raised its position in Rocket Pharmaceuticals by 141.2% during the second quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company's stock valued at $9,563,000 after buying an additional 2,284,816 shares during the period. Qube Research & Technologies Ltd grew its stake in Rocket Pharmaceuticals by 690.8% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,548,262 shares of the biotechnology company's stock valued at $3,793,000 after acquiring an additional 1,352,469 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Rocket Pharmaceuticals by 52.0% in the 3rd quarter. Millennium Management LLC now owns 3,570,391 shares of the biotechnology company's stock valued at $11,639,000 after purchasing an additional 1,221,554 shares during the period. Opaleye Management Inc. acquired a new position in shares of Rocket Pharmaceuticals in the 4th quarter valued at about $3,352,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Rocket Pharmaceuticals by 73.6% in the third quarter. JPMorgan Chase & Co. now owns 2,097,033 shares of the biotechnology company's stock worth $6,836,000 after purchasing an additional 889,231 shares in the last quarter. Institutional investors and hedge funds own 98.39% of the company's stock.

Rocket Pharmaceuticals Company 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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