Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Crosses Above Fifty Day Moving Average – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) passed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $3.43 and traded as high as $3.89. Rocket Pharmaceuticals shares last traded at $3.72, with a volume of 2,411,606 shares changing hands.

Wall Street Analysts Forecast Growth

RCKT has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 8th. Leerink Partners decreased their target price on Rocket Pharmaceuticals from $9.00 to $7.00 and set a “market perform” rating for the company in a report on Friday, October 3rd. TD Cowen upgraded Rocket Pharmaceuticals to a “hold” rating in a research report on Friday, December 19th. Morgan Stanley set a $5.00 price target on shares of Rocket Pharmaceuticals in a research report on Thursday, January 8th. Finally, JPMorgan Chase & Co. cut shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a research note on Tuesday, November 18th. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $14.36.

Rocket Pharmaceuticals Stock Down 1.6%

The company has a debt-to-equity ratio of 0.06, a quick ratio of 7.30 and a current ratio of 7.30. The firm has a market cap of $402.58 million, a price-to-earnings ratio of -1.65 and a beta of 0.47. The business’s 50 day moving average price is $3.43 and its 200 day moving average price is $3.35.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings results on Thursday, November 6th. The biotechnology company reported ($0.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. During the same quarter in the previous year, the company earned ($0.71) EPS. On average, equities analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of institutional investors have recently modified their holdings of the business. Prudential Financial Inc. bought a new stake in Rocket Pharmaceuticals during the 2nd quarter valued at about $25,000. CANADA LIFE ASSURANCE Co grew 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. Farther Finance Advisors LLC increased its position in shares of 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 acquiring an additional 13,369 shares during the period. Corton Capital Inc. bought a new stake in shares of Rocket Pharmaceuticals during the second quarter valued at approximately $38,000. Finally, Virtu Financial LLC bought a new stake in shares of Rocket Pharmaceuticals during the third quarter valued at approximately $40,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Pharmaceuticals

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.