Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 1-Year Low - Should You Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s stock price reached a new 52-week low on Wednesday . The company traded as low as $2.19 and last traded at $2.33, with a volume of 54528235 shares changing hands. The stock had previously closed at $6.27.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Wedbush reiterated an "outperform" rating and set a $32.00 target price on shares of Rocket Pharmaceuticals in a research note on Friday, May 16th. Jefferies Financial Group restated a "hold" rating on shares of Rocket Pharmaceuticals in a report on Wednesday. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Rocket Pharmaceuticals in a research report on Wednesday. TD Cowen reaffirmed a "hold" rating on shares of Rocket Pharmaceuticals in a research note on Tuesday. Finally, Needham & Company LLC downgraded Rocket Pharmaceuticals from a "buy" rating to a "hold" rating and set a $42.00 price target on the stock. in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, Rocket Pharmaceuticals currently has a consensus rating of "Hold" and a consensus price target of $22.46.

Rocket Pharmaceuticals Stock Up 5.6%

The company has a market cap of $279.78 million, a P/E ratio of -0.95 and a beta of 1.02. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The stock's 50-day moving average price is $6.32 and its 200-day moving average price is $9.58.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The biotechnology company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.58) by $0.02. During the same quarter in the previous year, the business posted ($0.66) EPS. As a group, research analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, insider Kinnari Patel purchased 21,099 shares of the business's stock in a transaction dated Wednesday, April 9th. The shares were purchased at an average price of $4.70 per share, for a total transaction of $99,165.30. Following the completion of the acquisition, the insider now directly owns 26,774 shares in the company, valued at $125,837.80. This represents a 371.79% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Aaron Ondrey sold 7,489 shares of the firm's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $5.29, for a total value of $39,616.81. Following the completion of the transaction, the chief financial officer now owns 129,650 shares in the company, valued at approximately $685,848.50. This trade represents a 5.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 24.76% of the company's stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Large investors have recently made changes to their positions in the company. Covestor Ltd boosted its position in shares of Rocket Pharmaceuticals by 33,166.7% during the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company's stock valued at $25,000 after buying an additional 1,990 shares during the period. Signaturefd LLC lifted its holdings 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 during the period. Harbour Investments Inc. lifted its holdings in Rocket Pharmaceuticals by 51.9% during the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company's stock worth $68,000 after buying an additional 1,840 shares during the period. KBC Group NV increased its position in shares of Rocket Pharmaceuticals by 159.6% during the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company's stock worth $69,000 after purchasing an additional 3,366 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new position in shares of Rocket Pharmaceuticals during the first quarter worth $69,000. 98.39% of the stock is owned by institutional investors.

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.