Rocket Pharmaceuticals (NASDAQ:RCKT) Cut to Sell at Wall Street Zen

Rocket Pharmaceuticals (NASDAQ:RCKT) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Sunday.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. downgraded shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a report on Tuesday, November 18th. The Goldman Sachs Group upped their price target on Rocket Pharmaceuticals to $3.00 and gave the stock a “sell” rating in a research note on Monday, March 2nd. Bank of America lowered their price target on Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Lifesci Capital raised Rocket Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, February 26th. Finally, TD Cowen upgraded Rocket Pharmaceuticals to a “hold” rating in a report on Friday, December 19th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Rocket Pharmaceuticals currently has an average rating of “Hold” and an average price target of $13.79.

Rocket Pharmaceuticals Stock Down 5.0%

Shares of NASDAQ:RCKT opened at $4.41 on Friday. The company has a market capitalization of $478.79 million, a price-to-earnings ratio of -2.19 and a beta of 0.39. Rocket Pharmaceuticals has a 12-month low of $2.19 and a 12-month high of $9.11. The business has a 50-day moving average price of $3.74 and a 200 day moving average price of $3.51. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.07.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.04. During the same quarter in the previous year, the business posted ($0.62) EPS. Sell-side analysts expect that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, 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 sale, the chief executive officer directly owned 1,052,045 shares in the company, valued at approximately $3,482,268.95. This trade represents a 1.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Martin Wilson sold 12,253 shares of Rocket Pharmaceuticals stock in a transaction 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 transaction, the general counsel owned 683,376 shares of the company’s stock, valued at approximately $2,261,974.56. This trade represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 29,415 shares of company stock valued at $97,398. Insiders own 24.76% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds have recently bought and sold shares of RCKT. Prudential Financial Inc. purchased a new position in shares of Rocket Pharmaceuticals in the 2nd quarter valued at about $25,000. Franklin Resources Inc. purchased a new stake in shares of Rocket Pharmaceuticals during the fourth quarter worth approximately $38,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Rocket Pharmaceuticals during the fourth quarter worth approximately $42,000. CANADA LIFE ASSURANCE Co raised its holdings in Rocket Pharmaceuticals by 94.4% in the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 5,926 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in Rocket Pharmaceuticals in the third quarter valued at approximately $40,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

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.