Wall Street Zen Downgrades Rocket Pharmaceuticals (NASDAQ:RCKT) to Sell

Key Points

• Wall Street Zen downgraded Rocket Pharmaceuticals from hold to sell, adding to a mixed analyst picture that still leaves the stock with a consensus Hold rating and an average price target of $8.88.
• The company reported a first-quarter EPS loss of $0.42, narrowly missing estimates, while analysts expect Rocket Pharmaceuticals to post -1.16 EPS for the current year.
• Insider selling has been notable, including CEO Gaurav Shah selling 55,684 shares; insiders have sold a total of 83,733 shares worth about $275,307 over the last 90 days.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

Several other equities analysts also recently issued reports on the company. Weiss Ratings upgraded Rocket Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday. Bank of America raised their target price on Rocket Pharmaceuticals from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Monday, March 30th. Finally, Chardan Capital reiterated a "buy" rating and set a $11.00 price target on shares of Rocket Pharmaceuticals in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of "Hold" and a consensus target price of $8.88.

Rocket Pharmaceuticals Stock Up 0.9%

RCKT stock opened at $3.44 on Friday. The stock has a market cap of $375.61 million, a PE ratio of -1.84 and a beta of 0.45. The firm's 50-day simple moving average is $3.28 and its 200 day simple moving average is $3.65. Rocket Pharmaceuticals has a fifty-two week low of $2.53 and a fifty-two week high of $5.45. The company has a quick ratio of 6.12, a current ratio of 6.12 and a debt-to-equity ratio of 0.08.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its earnings results on Thursday, May 7th. The biotechnology company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.01). During the same period in the previous year, the company posted ($0.56) EPS. As a group, sell-side analysts predict that Rocket Pharmaceuticals will post -1.16 EPS for the current year.

Insider Transactions at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 55,684 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $3.09, for a total value of $172,063.56. Following the completion of the sale, the chief executive officer directly owned 1,061,724 shares of the company's stock, valued at approximately $3,280,727.16. This represents a 4.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sarbani Chaudhuri sold 17,650 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $3.84, for a total transaction of $67,776.00. Following the completion of the transaction, the insider owned 267,510 shares of the company's stock, valued at $1,027,238.40. This trade represents a 6.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 83,733 shares of company stock worth $275,307 over the last 90 days. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds have recently modified their holdings of RCKT. Barclays PLC grew its holdings in shares of Rocket Pharmaceuticals by 2.4% during the fourth quarter. Barclays PLC now owns 153,049 shares of the biotechnology company's stock valued at $537,000 after buying an additional 3,656 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its position in Rocket Pharmaceuticals by 1.2% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 309,247 shares of the biotechnology company's stock valued at $1,085,000 after buying an additional 3,809 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in Rocket Pharmaceuticals by 94.4% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 5,926 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in Rocket Pharmaceuticals by 63.5% in the 4th quarter. Sanctuary Advisors LLC now owns 17,437 shares of the biotechnology company's stock worth $61,000 after acquiring an additional 6,769 shares in the last quarter. Finally, Rice Hall James & Associates LLC boosted its position in Rocket Pharmaceuticals by 8.1% during the 1st quarter. Rice Hall James & Associates LLC now owns 91,887 shares of the biotechnology company's stock worth $329,000 after acquiring an additional 6,900 shares during the period. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.

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