Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Up 14.3% on Better-Than-Expected Earnings

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price rose 14.3% during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $5.34 and last traded at $5.18. Approximately 3,287,984 shares traded hands during mid-day trading, an increase of 47% from the average daily volume of 2,238,679 shares. The stock had previously closed at $4.53.

The biotechnology company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.04. During the same period last year, the firm earned ($0.62) EPS.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RCKT. TD Cowen upgraded shares of Rocket Pharmaceuticals to a “hold” rating in a research report on Friday, December 19th. Cantor Fitzgerald lifted their price target on shares of Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. downgraded shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a research note on Tuesday, November 18th. Wedbush reiterated an “outperform” rating and set a $16.00 target price on shares of Rocket Pharmaceuticals in a research report on Friday, November 7th. Finally, Bank of America reduced their target price on Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Eight investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $14.50.

Insider Buying and Selling

In related news, General Counsel Martin Wilson sold 12,253 shares of the company’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $3.31, for a total transaction of $40,557.43. Following the transaction, the general counsel owned 683,376 shares of the company’s stock, valued at $2,261,974.56. This represents a 1.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Gaurav Shah sold 12,279 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer owned 1,052,045 shares of the company’s stock, valued at $3,482,268.95. The trade was a 1.15% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 29,415 shares of company stock valued at $97,398. Company insiders own 24.76% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently made changes to their positions in RCKT. Invesco Ltd. increased its holdings in shares of Rocket Pharmaceuticals by 36.9% in the 4th quarter. Invesco Ltd. now owns 304,437 shares of the biotechnology company’s stock valued at $1,069,000 after purchasing an additional 81,984 shares in the last quarter. Corient Private Wealth LLC purchased a new stake in Rocket Pharmaceuticals during the fourth quarter worth about $98,000. Virtus Investment Advisers LLC grew its position in Rocket Pharmaceuticals by 111.7% during the fourth quarter. Virtus Investment Advisers LLC now owns 78,474 shares of the biotechnology company’s stock worth $275,000 after buying an additional 41,410 shares during the period. Opaleye Management Inc. acquired a new position in Rocket Pharmaceuticals during the fourth quarter worth about $3,352,000. Finally, Engineers Gate Manager LP increased its holdings in Rocket Pharmaceuticals by 34.5% in the fourth quarter. Engineers Gate Manager LP now owns 96,009 shares of the biotechnology company’s stock valued at $337,000 after buying an additional 24,603 shares in the last quarter. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Stock Performance

The stock’s 50-day moving average price is $3.62 and its 200-day moving average price is $3.44. 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 company has a market capitalization of $542.18 million, a price-to-earnings ratio of -2.49 and a beta of 0.48.

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.