Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Passes Below 50 Day Moving Average - Here's Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) shares crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $4.42 and traded as low as $2.76. Rocket Pharmaceuticals shares last traded at $2.81, with a volume of 2,447,394 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on RCKT shares. The Goldman Sachs Group downgraded Rocket Pharmaceuticals from a "neutral" rating to a "sell" rating in a research note on Wednesday, May 28th. Evercore ISI lowered shares of Rocket Pharmaceuticals from an "outperform" rating to an "in-line" rating and set a $5.00 price objective on the stock. in a research note on Friday, May 30th. Leerink Partners reaffirmed a "market perform" rating and issued a $8.00 target price (down previously from $37.00) on shares of Rocket Pharmaceuticals in a research note on Wednesday, May 28th. BMO Capital Markets dropped their price objective on Rocket Pharmaceuticals from $30.00 to $8.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 28th. Finally, Scotiabank decreased their price objective on 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. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $18.60.

Rocket Pharmaceuticals Stock Up 8.1%

The stock's 50-day moving average price is $4.24 and its two-hundred day moving average price is $7.45. The company has a current ratio of 9.19, a quick ratio of 9.19 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $341.73 million, a P/E ratio of -1.22 and a beta of 0.67.

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

Insider Activity

In other Rocket Pharmaceuticals news, CEO Gaurav Shah bought 20,000 shares of the stock in a transaction on Thursday, April 10th. The shares were acquired at an average price of $5.08 per share, with a total value of $101,600.00. Following the acquisition, the chief executive officer directly owned 792,680 shares of the company's stock, valued at $4,026,814.40. The trade was a 2.59% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.76% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP increased its position in shares of Rocket Pharmaceuticals by 24.5% in the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock worth $175,919,000 after purchasing an additional 2,753,033 shares during the last quarter. Suvretta Capital Management LLC purchased a new position in Rocket Pharmaceuticals in the 4th quarter worth approximately $32,267,000. Janus Henderson Group PLC increased its holdings in shares of Rocket Pharmaceuticals by 111.0% in the 4th quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company's stock worth $50,343,000 after buying an additional 2,106,699 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Rocket Pharmaceuticals by 3,163.9% in the 4th quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company's stock worth $19,733,000 after buying an additional 1,521,727 shares during the last quarter. Finally, Boxer Capital Management LLC purchased a new stake in shares of Rocket Pharmaceuticals during the 4th quarter valued at $18,428,000. 98.39% of the stock is owned by hedge funds and other 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.