Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Up 8.9% - What's Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report)'s stock price shot up 8.9% during trading on Monday . The company traded as high as $6.66 and last traded at $6.90. 196,975 shares traded hands during trading, a decline of 85% from the average session volume of 1,274,607 shares. The stock had previously closed at $6.33.

Wall Street Analyst Weigh In

RCKT has been the topic of several recent research reports. Canaccord Genuity Group dropped their target price on Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating on the stock in a research report on Monday, March 3rd. Needham & Company LLC reiterated a "buy" rating and set a $42.00 price target on shares of Rocket Pharmaceuticals in a research report on Wednesday, April 9th. Wedbush initiated coverage on Rocket Pharmaceuticals in a research report on Monday, December 30th. They set an "outperform" rating and a $32.00 price target for the company. The Goldman Sachs Group lowered their price target on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd. Finally, BMO Capital Markets started coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, March 12th. They issued an "outperform" rating and a $50.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $43.00.

Rocket Pharmaceuticals Stock Performance

The company's 50-day simple moving average is $7.64 and its 200-day simple moving average is $11.36. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The stock has a market cap of $770.93 million, a price-to-earnings ratio of -2.63 and a beta of 1.00.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, beating analysts' consensus estimates of ($0.68) by $0.06. Analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal 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 that occurred on Wednesday, April 9th. The shares were acquired at an average cost of $4.70 per share, for a total transaction of $99,165.30. Following the completion of the acquisition, the insider now owns 26,774 shares in the company, valued at $125,837.80. This trade represents a 371.79 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Aaron Ondrey sold 7,489 shares of the company's stock in a transaction that occurred on Friday, April 4th. The shares were 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 directly owns 129,650 shares of the company's stock, valued at approximately $685,848.50. This represents a 5.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 28.50% of the company's stock.

Institutional Trading of Rocket Pharmaceuticals

Several hedge funds have recently made changes to their positions in RCKT. SG Americas Securities LLC lifted its position in Rocket Pharmaceuticals by 796.2% during the fourth quarter. SG Americas Securities LLC now owns 54,921 shares of the biotechnology company's stock valued at $690,000 after purchasing an additional 48,793 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Rocket Pharmaceuticals by 72.6% in the 4th quarter. Jennison Associates LLC now owns 70,304 shares of the biotechnology company's stock worth $884,000 after acquiring an additional 29,564 shares in the last quarter. Mirador Capital Partners LP boosted its holdings in Rocket Pharmaceuticals by 403.9% in the fourth quarter. Mirador Capital Partners LP now owns 84,529 shares of the biotechnology company's stock worth $1,063,000 after acquiring an additional 67,755 shares in the last quarter. Sovran Advisors LLC purchased a new stake in shares of Rocket Pharmaceuticals during the fourth quarter valued at approximately $1,895,000. Finally, Strategic Financial Concepts LLC bought a new stake in Rocket Pharmaceuticals in the 4th quarter worth about $141,000. 98.39% of the stock is currently owned by institutional investors.

About Rocket Pharmaceuticals

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.