Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Gap Down – Here’s Why

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) gapped down prior to trading on Tuesday . The stock had previously closed at $8.83, but opened at $8.54. Rocket Pharmaceuticals shares last traded at $8.37, with a volume of 86,385 shares.

Analysts Set New Price Targets

RCKT has been the subject of several research reports. Needham & Company LLC dropped their price target on Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Chardan Capital lowered their price target on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Wedbush initiated coverage on shares of Rocket Pharmaceuticals in a research note on Monday, December 30th. They set an “outperform” rating and a $32.00 target price on the stock. Jefferies Financial Group started coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, December 18th. They set a “buy” rating and a $29.00 price target for the company. Finally, Leerink Partners decreased their price objective on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a report on Tuesday, November 19th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Rocket Pharmaceuticals Stock Down 3.6 %

The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The firm’s 50 day moving average price is $10.15 and its two-hundred day moving average price is $13.87. The firm has a market cap of $907.85 million, a price-to-earnings ratio of -3.10 and a beta of 1.03.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.06. As a group, sell-side analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Toronto Dominion Bank acquired a new stake in shares of Rocket Pharmaceuticals during the fourth quarter valued at $13,827,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Rocket Pharmaceuticals by 16.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 139,572 shares of the biotechnology company’s stock valued at $1,754,000 after acquiring an additional 19,939 shares in the last quarter. Woodline Partners LP boosted its position in shares of Rocket Pharmaceuticals by 8.5% in the fourth quarter. Woodline Partners LP now owns 652,421 shares of the biotechnology company’s stock worth $8,201,000 after buying an additional 51,358 shares during the period. Soleus Capital Management L.P. bought a new stake in shares of Rocket Pharmaceuticals in the fourth quarter worth $3,415,000. Finally, Two Sigma Investments LP raised its holdings in Rocket Pharmaceuticals by 88.6% in the fourth quarter. Two Sigma Investments LP now owns 41,142 shares of the biotechnology company’s stock valued at $517,000 after acquiring an additional 19,326 shares in the last quarter. Hedge funds and other institutional investors own 98.39% of the company’s stock.

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.