Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Down 3.6% - Time to Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) was down 3.6% during trading on Tuesday . The stock traded as low as $6.93 and last traded at $6.91. Approximately 610,802 shares changed hands during trading, a decline of 53% from the average daily volume of 1,291,640 shares. The stock had previously closed at $7.17.

Analyst Ratings Changes

A number of analysts have recently weighed in on RCKT shares. Needham & Company LLC reiterated a "buy" rating and issued a $42.00 price objective on shares of Rocket Pharmaceuticals in a research note on Wednesday, April 9th. Chardan Capital reduced their price objective on Rocket Pharmaceuticals from $62.00 to $54.00 and set a "buy" rating for the company in a research note on Friday, February 28th. The Goldman Sachs Group dropped their target price on Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd. Scotiabank boosted their price target on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a "sector outperform" rating in a report on Monday, March 3rd. Finally, Canaccord Genuity Group lowered their price objective 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. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Rocket Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $43.00.

Rocket Pharmaceuticals Trading Down 2.7 %

The company has a market capitalization of $770.93 million, a PE ratio of -2.63 and a beta of 1.00. The company has a fifty day simple moving average of $7.64 and a 200-day simple moving average of $11.36. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its quarterly earnings data on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.06. Analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

Insider Buying and Selling

In related news, insider Kinnari Patel bought 21,099 shares of the company's stock in a transaction that occurred on Wednesday, April 9th. The stock was purchased at an average price of $4.70 per share, for a total transaction of $99,165.30. Following the acquisition, the insider now owns 26,774 shares of the company's stock, valued at approximately $125,837.80. This trade represents a 371.79 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Aaron Ondrey sold 7,489 shares of the company'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 transaction, the chief financial officer now owns 129,650 shares in the company, valued at $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. Corporate insiders own 28.50% of the company's stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Covestor Ltd increased its stake in Rocket Pharmaceuticals by 33,166.7% during the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company's stock worth $25,000 after purchasing an additional 1,990 shares during the period. Signaturefd LLC lifted its holdings in Rocket Pharmaceuticals by 319.8% during the 4th quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company's stock worth $62,000 after buying an additional 3,745 shares in the last quarter. Harbour Investments Inc. boosted its position in Rocket Pharmaceuticals by 51.9% in the 4th quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company's stock valued at $68,000 after buying an additional 1,840 shares during the period. KBC Group NV grew its stake in shares of Rocket Pharmaceuticals by 159.6% in the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company's stock worth $69,000 after acquiring an additional 3,366 shares in the last quarter. Finally, Virtus ETF Advisers LLC increased its position in shares of Rocket Pharmaceuticals by 40.4% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company's stock worth $71,000 after acquiring an additional 1,628 shares during the period. Institutional investors and hedge funds own 98.39% of the company's stock.

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.