Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Down 7.5% After Analyst Downgrade

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) dropped 7.5% on Tuesday after Scotiabank lowered their price target on the stock from $52.00 to $51.00. Scotiabank currently has a sector outperform rating on the stock. Rocket Pharmaceuticals traded as low as $6.65 and last traded at $6.48. Approximately 484,777 shares were traded during trading, a decline of 66% from the average daily volume of 1,421,951 shares. The stock had previously closed at $7.00.

Other analysts have also issued reports about the company. Needham & Company LLC restated a "buy" rating and issued a $42.00 target price on shares of Rocket Pharmaceuticals in a research note on Wednesday, April 9th. Canaccord Genuity Group reduced their target price on shares of Rocket Pharmaceuticals from $36.00 to $34.00 and set a "buy" rating on the stock in a research note on Monday. The Goldman Sachs Group decreased their price objective on Rocket Pharmaceuticals from $15.00 to $13.00 and set a "neutral" rating for the company in a report on Friday. Chardan Capital decreased their target price on Rocket Pharmaceuticals from $54.00 to $45.00 and set a "buy" rating on the stock in a report on Friday. Finally, JPMorgan Chase & Co. cut their price target on Rocket Pharmaceuticals from $45.00 to $44.00 and set an "overweight" rating for the company in a report on Friday. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Rocket Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $40.82.

Insider Transactions at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah bought 20,000 shares of the business's stock in a transaction on Thursday, April 10th. The shares were purchased at an average price of $5.08 per share, for a total transaction of $101,600.00. Following the completion of the transaction, the chief executive officer now directly owns 792,680 shares of the company's stock, valued at approximately $4,026,814.40. This represents a 2.59% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, insider Kinnari Patel purchased 21,099 shares of the stock in a transaction dated Wednesday, April 9th. The shares were bought at an average price of $4.70 per share, with a total value of $99,165.30. Following the completion of the acquisition, the insider now directly owns 26,774 shares of the company's stock, valued at approximately $125,837.80. This represents a 371.79% increase in their position. The disclosure for this purchase can be found here. 28.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP increased its stake in shares of Rocket Pharmaceuticals by 24.5% in the 4th quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock valued at $175,919,000 after acquiring an additional 2,753,033 shares in the last quarter. Vanguard Group Inc. increased its position in Rocket Pharmaceuticals by 0.6% in the first quarter. Vanguard Group Inc. now owns 6,617,784 shares of the biotechnology company's stock worth $44,141,000 after buying an additional 40,189 shares during the last quarter. Westfield Capital Management Co. LP lifted its holdings in Rocket Pharmaceuticals by 2.3% during the first quarter. Westfield Capital Management Co. LP now owns 4,820,701 shares of the biotechnology company's stock valued at $32,154,000 after purchasing an additional 106,091 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Rocket Pharmaceuticals by 111.0% during the 4th quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company's stock valued at $50,343,000 after buying an additional 2,106,699 shares in the last quarter. Finally, Suvretta Capital Management LLC purchased a new stake in shares of Rocket Pharmaceuticals during the fourth quarter worth $32,267,000. Institutional investors and hedge funds own 98.39% of the company's stock.

Rocket Pharmaceuticals Trading Down 8.3%

The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The firm has a 50 day simple moving average of $7.11 and a 200 day simple moving average of $10.53. The firm has a market cap of $685.25 million, a P/E ratio of -2.33 and a beta of 1.02.

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

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.

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