Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Passes Below Fifty Day Moving Average - What's Next?

Key Points

• Rocket Pharmaceuticals stock has fallen below its fifty-day moving average of $3.20, last trading at $3.28 with significant trading volume of over 2 million shares.
• Analysts have mixed predictions for the company, with target prices ranging from $5.00 to $16.73 and an average rating of "Hold," indicating caution in investment perspectives.
• The company reported earnings of ($0.59) per share for the last quarter, falling short of analyst expectations by $0.02, while insiders have shown mixed activity with both acquisitions and sales of shares.

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $3.20 and traded as low as $3.20. Rocket Pharmaceuticals shares last traded at $3.28, with a volume of 2,041,399 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on RCKT shares. Canaccord Genuity Group cut their target price on Rocket Pharmaceuticals from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Cantor Fitzgerald lowered their target price on Rocket Pharmaceuticals from $10.00 to $8.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Bank of America upgraded Rocket Pharmaceuticals from a "neutral" rating to a "buy" rating and lifted their target price for the company from $4.00 to $10.00 in a research note on Wednesday, August 20th. UBS Group lowered their target price on Rocket Pharmaceuticals from $12.00 to $5.00 and set a "buy" rating on the stock in a research note on Tuesday, June 17th. Finally, Chardan Capital restated a "buy" rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a research note on Wednesday, August 20th. Eight equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Rocket Pharmaceuticals has an average rating of "Hold" and a consensus target price of $16.73.

Rocket Pharmaceuticals Trading Up 0.6%

The business has a 50 day simple moving average of $3.20 and a 200-day simple moving average of $4.43. The stock has a market capitalization of $353.91 million, a P/E ratio of -1.31 and a beta of 0.62. The company has a debt-to-equity ratio of 0.05, a quick ratio of 6.39 and a current ratio of 6.39.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.59) EPS for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.02). During the same quarter in the prior year, the business posted ($0.74) earnings per share. On average, analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

Insider Activity

In other news, Director Elisabeth Bjork acquired 10,000 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The stock was acquired at an average cost of $3.41 per share, for a total transaction of $34,100.00. Following the completion of the acquisition, the director owned 40,000 shares in the company, valued at approximately $136,400. The trade was a 33.33% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jonathan David Schwartz sold 11,161 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $3.02, for a total value of $33,706.22. Following the sale, the insider owned 224,094 shares of the company's stock, valued at approximately $676,763.88. This represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,927 shares of company stock worth $111,413 over the last quarter. Corporate insiders own 24.76% of the company's stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds have recently bought and sold shares of RCKT. Prudential Financial Inc. acquired a new position in Rocket Pharmaceuticals during the second quarter worth $25,000. CANADA LIFE ASSURANCE Co lifted its stake in Rocket Pharmaceuticals by 94.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 5,926 shares during the period. Farther Finance Advisors LLC lifted its stake in Rocket Pharmaceuticals by 7,818.1% during the second quarter. Farther Finance Advisors LLC now owns 13,540 shares of the biotechnology company's stock worth $33,000 after purchasing an additional 13,369 shares during the period. Corton Capital Inc. bought a new position in Rocket Pharmaceuticals during the second quarter worth about $38,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Rocket Pharmaceuticals during the second quarter worth about $43,000. 98.39% of the stock is owned by institutional investors and hedge funds.

Rocket Pharmaceuticals Company Profile

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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