Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Up 9.3% - Should You Buy?

Key Points

• Rocket Pharmaceuticals shares jumped about 9.3% on Wednesday to roughly $4.67 on ~2.39M shares traded, against a 50-day/200-day moving average of $3.99/$3.61 and a market cap near $508M.
• Analyst coverage is mixed—MarketBeat shows an average rating of "Hold" with an average price target of $13.79 (1 Strong Buy, 8 Buy, 6 Hold, 3 Sell), while recent notable actions include Cantor Fitzgerald raising its target to $10 (overweight) and Goldman Sachs setting a $3 target (sell).
• The company disclosed insider selling (CEO and General Counsel each sold ~12.3k shares on Feb 13) with 29,415 shares sold in the last 90 days worth ~$97k; the article reports insiders own 24.76% of shares and institutional ownership at 98.39%.

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) shares were up 9.3% on Wednesday . The company traded as high as $4.68 and last traded at $4.6650. Approximately 2,394,610 shares were traded during mid-day trading, a decline of 12% from the average daily volume of 2,725,978 shares. The stock had previously closed at $4.27.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RCKT shares. Lifesci Capital upgraded Rocket Pharmaceuticals to a "strong-buy" rating in a research note on Thursday, February 26th. Wall Street Zen downgraded Rocket Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Sunday, March 8th. TD Cowen upgraded Rocket Pharmaceuticals to a "hold" rating in a report on Friday, December 19th. The Goldman Sachs Group lifted their target price on Rocket Pharmaceuticals to $3.00 and gave the company a "sell" rating in a research report on Monday, March 2nd. Finally, Cantor Fitzgerald upped their price target on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an "overweight" rating in a report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $13.79.

Rocket Pharmaceuticals Trading Up 9.6%

The firm has a market capitalization of $508.11 million, a PE ratio of -2.33 and a beta of 0.39. The firm's fifty day moving average is $3.99 and its two-hundred day moving average is $3.61. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.38 and a quick ratio of 6.38.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The biotechnology company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.04. During the same quarter in the previous year, the business posted ($0.62) earnings per share. On average, equities analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 12,279 shares of the business's stock in a transaction on Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,643.49. Following the transaction, the chief executive officer owned 1,052,045 shares of the company's stock, valued at approximately $3,482,268.95. The trade was a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Martin Wilson sold 12,253 shares of the company's stock in a transaction on Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,557.43. Following the completion of the transaction, the general counsel owned 683,376 shares of the company's stock, valued at $2,261,974.56. This trade represents a 1.76% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 29,415 shares of company stock valued at $97,398. 24.76% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds have recently made changes to their positions in RCKT. AQR Capital Management LLC grew its position in Rocket Pharmaceuticals by 148.4% during the first quarter. AQR Capital Management LLC now owns 163,622 shares of the biotechnology company's stock valued at $1,091,000 after buying an additional 97,758 shares during the period. Millennium Management LLC raised its position in Rocket Pharmaceuticals by 121.8% in the first quarter. Millennium Management LLC now owns 747,147 shares of the biotechnology company's stock worth $4,983,000 after acquiring an additional 410,238 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Rocket Pharmaceuticals in the first quarter worth about $189,000. Goldman Sachs Group Inc. boosted its stake in Rocket Pharmaceuticals by 24.0% in the first quarter. Goldman Sachs Group Inc. now owns 995,690 shares of the biotechnology company's stock valued at $6,641,000 after acquiring an additional 192,905 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Rocket Pharmaceuticals by 1.8% in the second quarter. Geode Capital Management LLC now owns 2,030,891 shares of the biotechnology company's stock valued at $4,976,000 after acquiring an additional 36,847 shares during the last quarter. 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.

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.