Rocket Pharmaceuticals (NASDAQ:RCKT) Sets New 1-Year Low – Should You Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $15.92 and last traded at $16.04, with a volume of 639742 shares. The stock had previously closed at $16.86.

Analysts Set New Price Targets

RCKT has been the subject of several research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a report on Friday. JPMorgan Chase & Co. upped their price objective on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Chardan Capital restated a “buy” rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $38.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, September 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Rocket Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $51.75.

Rocket Pharmaceuticals Price Performance

The stock’s 50-day simple moving average is $18.00 and its 200 day simple moving average is $20.36. The company has a market cap of $1.46 billion, a price-to-earnings ratio of -6.13 and a beta of 1.09. The company has a quick ratio of 7.79, a current ratio of 7.79 and a debt-to-equity ratio of 0.05.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in Rocket Pharmaceuticals by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 569,814 shares of the biotechnology company’s stock valued at $10,524,000 after purchasing an additional 20,322 shares in the last quarter. Intech Investment Management LLC purchased a new stake in Rocket Pharmaceuticals in the 3rd quarter worth approximately $527,000. Jennison Associates LLC boosted its position in shares of Rocket Pharmaceuticals by 33.2% in the third quarter. Jennison Associates LLC now owns 40,740 shares of the biotechnology company’s stock worth $752,000 after acquiring an additional 10,162 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Rocket Pharmaceuticals in the 3rd quarter worth $636,000. Finally, First Turn Management LLC grew its holdings in shares of Rocket Pharmaceuticals by 10.8% during the 3rd quarter. First Turn Management LLC now owns 621,306 shares of the biotechnology company’s stock worth $11,476,000 after purchasing an additional 60,317 shares during the period. Hedge funds and other institutional investors 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.