Rocket Pharmaceuticals (NASDAQ:RCKT) Issues Quarterly Earnings Results

Rocket Pharmaceuticals (NASDAQ:RCKT) posted its quarterly earnings results on Thursday. The biotechnology company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.01), Zacks reports. During the same quarter in the previous year, the business earned ($0.56) earnings per share.

Rocket Pharmaceuticals Price Performance

Shares of RCKT stock traded down $0.04 during trading hours on Friday, hitting $3.63. The company had a trading volume of 3,682,797 shares, compared to its average volume of 2,125,075. Rocket Pharmaceuticals has a 12 month low of $2.19 and a 12 month high of $7.39. The firm has a market capitalization of $396.11 million, a price-to-earnings ratio of -1.94 and a beta of 0.52. The firm’s fifty day moving average is $4.09 and its 200 day moving average is $3.69. The company has a debt-to-equity ratio of 0.07, a quick ratio of 6.38 and a current ratio of 6.38.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RCKT. Lifesci Capital raised shares of Rocket Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, February 26th. Chardan Capital reiterated a “buy” rating and issued a $11.00 price objective on shares of Rocket Pharmaceuticals in a research note on Friday, March 27th. Wall Street Zen lowered Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday, March 8th. The Goldman Sachs Group upped their price objective on Rocket Pharmaceuticals to $3.00 and gave the company a “sell” rating in a research note on Monday, March 2nd. Finally, Cantor Fitzgerald upped their price objective on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the company an “overweight” rating in a research note on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $11.54.

Insider Activity at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 12,279 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,643.49. Following the sale, the chief executive officer directly owned 1,052,045 shares in the company, valued at approximately $3,482,268.95. This represents a 1.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Martin Wilson sold 12,253 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,557.43. Following the completion of the sale, the general counsel owned 683,376 shares in the company, valued at approximately $2,261,974.56. This represents a 1.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 29,415 shares of company stock worth $97,398. Corporate insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Rocket Pharmaceuticals by 12.6% during the 3rd quarter. Vanguard Group Inc. now owns 6,892,204 shares of the biotechnology company’s stock worth $22,469,000 after acquiring an additional 769,743 shares during the last quarter. MPM Bioimpact LLC grew its position in Rocket Pharmaceuticals by 141.2% during the 2nd quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company’s stock worth $9,563,000 after acquiring an additional 2,284,816 shares during the last quarter. Millennium Management LLC grew its position in Rocket Pharmaceuticals by 52.0% during the 3rd quarter. Millennium Management LLC now owns 3,570,391 shares of the biotechnology company’s stock worth $11,639,000 after acquiring an additional 1,221,554 shares during the last quarter. Newtyn Management LLC grew its position in Rocket Pharmaceuticals by 25.1% during the 3rd quarter. Newtyn Management LLC now owns 2,502,863 shares of the biotechnology company’s stock worth $8,159,000 after acquiring an additional 502,863 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Rocket Pharmaceuticals by 10.7% during the 4th quarter. Geode Capital Management LLC now owns 2,120,269 shares of the biotechnology company’s stock worth $7,443,000 after acquiring an additional 205,715 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors.

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.