Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Pass Below 50-Day Moving Average - Here's What Happened

Key Points

• Rocket Pharmaceuticals shares crossed below their 50-day moving average
• Analysts hold a consensus rating of “Hold” with a consensus target price of $13.86, based on a mix of 1 Strong Buy, 8 Buy, 6 Hold and 3 Sell ratings.
• Company insiders, including the CEO and General Counsel, recently sold shares (29,415 shares worth ~$97k over 90 days); insiders own 24.76% of the stock, while the company shows strong liquidity (current ratio 6.38) and low debt (debt-to-equity 0.07).

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) crossed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $4.01 and traded as low as $3.55. Rocket Pharmaceuticals shares last traded at $3.60, with a volume of 2,373,394 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Chardan Capital reiterated a "buy" rating and set a $11.00 price objective on shares of Rocket Pharmaceuticals in a research note on Friday, March 27th. Cantor Fitzgerald lifted their price objective on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the company an "overweight" rating in a research note on Friday, February 27th. Bank of America lifted their price objective on Rocket Pharmaceuticals from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Monday, March 30th. TD Cowen upgraded Rocket Pharmaceuticals to a "hold" rating in a research note on Friday, December 19th. Finally, Lifesci Capital upgraded Rocket Pharmaceuticals to a "strong-buy" rating in a research note on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $13.86.

Rocket Pharmaceuticals Price Performance

The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $392.83 million, a price-to-earnings ratio of -1.79 and a beta of 0.57. The stock has a 50-day moving average price of $4.01 and a 200 day moving average price of $3.66.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) EPS for the quarter, beating analysts' consensus estimates of ($0.42) by $0.04. During the same period last year, the firm earned ($0.62) EPS. As a group, equities research analysts expect that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Insider Transactions at Rocket Pharmaceuticals

In other news, General Counsel Martin Wilson sold 12,253 shares of the firm's stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $3.31, for a total transaction of $40,557.43. Following the sale, the general counsel directly owned 683,376 shares in the company, valued at $2,261,974.56. This trade represents a 1.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gaurav Shah sold 12,279 shares of the firm's stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,643.49. Following the sale, the chief executive officer owned 1,052,045 shares in the company, valued at $3,482,268.95. This trade represents a 1.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,415 shares of company stock worth $97,398 over the last 90 days. Insiders own 24.76% of the company's stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently bought and sold shares of the company. Maverick Capital Ltd. boosted its holdings in Rocket Pharmaceuticals by 60.9% in the 2nd quarter. Maverick Capital Ltd. now owns 8,363,813 shares of the biotechnology company's stock worth $20,491,000 after buying an additional 3,164,595 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Rocket Pharmaceuticals by 12.6% in the 3rd quarter. Vanguard Group Inc. now owns 6,892,204 shares of the biotechnology company's stock worth $22,469,000 after buying an additional 769,743 shares during the last quarter. MPM Bioimpact LLC boosted its holdings in Rocket Pharmaceuticals by 141.2% in the 2nd quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company's stock worth $9,563,000 after buying an additional 2,284,816 shares during the last quarter. Millennium Management LLC boosted its holdings in Rocket Pharmaceuticals by 52.0% in the 3rd quarter. Millennium Management LLC now owns 3,570,391 shares of the biotechnology company's stock worth $11,639,000 after buying an additional 1,221,554 shares during the last quarter. Finally, Monaco Asset Management SAM boosted its holdings in Rocket Pharmaceuticals by 3.3% in the 4th quarter. Monaco Asset Management SAM now owns 2,987,296 shares of the biotechnology company's stock worth $10,485,000 after buying an additional 95,035 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Pharmaceuticals

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.