Rocket Pharmaceuticals (NASDAQ:RCKT) Rating Lowered to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Rocket Pharmaceuticals to “sell” from “hold,” while the broader analyst consensus remains “hold” with an average price target of $8.71.
• Rocket shares opened at $3.61, with a market capitalization of approximately $394 million; the company reported a quarterly loss of $0.42 per share, slightly worse than the $0.41 consensus estimate.
• CEO Gaurav Shah sold 55,684 shares, and insiders sold more than $207,000 of stock over the past 90 days, although institutional investors own 98.39% of the company.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Sunday.

Other analysts have also issued research reports about the company. Chardan Capital reaffirmed a "buy" rating and issued a $11.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, May 11th. Weiss Ratings raised Rocket Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Rocket Pharmaceuticals currently has a consensus rating of "Hold" and an average price target of $8.71.

Rocket Pharmaceuticals Stock Up 2.0%

Rocket Pharmaceuticals stock opened at $3.61 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.12 and a quick ratio of 6.12. Rocket Pharmaceuticals has a fifty-two week low of $2.53 and a fifty-two week high of $5.45. The firm has a fifty day moving average price of $3.33 and a two-hundred day moving average price of $3.61. The firm has a market cap of $394.18 million, a price-to-earnings ratio of -1.93 and a beta of 0.47.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.01). During the same quarter in the prior year, the business earned ($0.56) earnings per share. As a group, analysts forecast that Rocket Pharmaceuticals will post -1.16 earnings per share for the current year.

Insider Transactions at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 55,684 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $3.09, for a total value of $172,063.56. Following the completion of the transaction, the chief executive officer owned 1,061,724 shares of the company's stock, valued at $3,280,727.16. This represents a 4.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 66,083 shares of company stock worth $207,531 in the last 90 days. Insiders own 21.30% of the company's stock.

Institutional Trading of Rocket Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter valued at about $33,940,000. Monaco Asset Management SAM acquired a new position in Rocket Pharmaceuticals in the second quarter worth about $8,483,000. MPM Bioimpact LLC raised its position in Rocket Pharmaceuticals by 141.2% in the second quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company's stock worth $9,563,000 after purchasing an additional 2,284,816 shares in the last quarter. Qube Research & Technologies Ltd lifted its stake in Rocket Pharmaceuticals by 690.8% during the second quarter. Qube Research & Technologies Ltd now owns 1,548,262 shares of the biotechnology company's stock worth $3,793,000 after purchasing an additional 1,352,469 shares during the period. Finally, Millennium Management LLC lifted its stake in Rocket Pharmaceuticals by 52.0% during the third quarter. Millennium Management LLC now owns 3,570,391 shares of the biotechnology company's stock worth $11,639,000 after purchasing an additional 1,221,554 shares during the period. 98.39% of the stock is currently owned by institutional investors.

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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