Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Passes Below Fifty Day Moving Average – Time to Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price passed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $3.37 and traded as low as $3.36. Rocket Pharmaceuticals shares last traded at $3.42, with a volume of 1,944,012 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RCKT. TD Cowen raised shares of Rocket Pharmaceuticals to a “hold” rating in a research report on Friday, December 19th. Leerink Partners cut their target price on Rocket Pharmaceuticals from $9.00 to $7.00 and set a “market perform” rating for the company in a research report on Friday, October 3rd. Bank of America decreased their price target on Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Chardan Capital reiterated a “buy” rating and set a $11.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, October 14th. Finally, Wedbush reissued an “outperform” rating and set a $16.00 price objective on shares of Rocket Pharmaceuticals in a report on Friday, November 7th. Eight analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $14.50.

Rocket Pharmaceuticals Price Performance

The stock has a fifty day moving average of $3.37 and a two-hundred day moving average of $3.24. The company has a current ratio of 7.30, a quick ratio of 7.30 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $370.12 million, a price-to-earnings ratio of -1.52 and a beta of 0.66.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($0.45) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. During the same period last year, the business posted ($0.71) earnings per share. As a group, equities research analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Insider Buying and Selling

In other Rocket Pharmaceuticals news, insider John Militello sold 28,918 shares of the stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $3.96, for a total transaction of $114,515.28. Following the sale, the insider owned 67,006 shares of the company’s stock, valued at $265,343.76. This represents a 30.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 24.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of large investors have recently modified their holdings of RCKT. Maverick Capital Ltd. grew its stake in shares of Rocket Pharmaceuticals by 60.9% during the second quarter. Maverick Capital Ltd. now owns 8,363,813 shares of the biotechnology company’s stock valued at $20,491,000 after purchasing an additional 3,164,595 shares during the last quarter. Vanguard Group Inc. boosted its position in Rocket Pharmaceuticals by 12.6% in the 3rd quarter. Vanguard Group Inc. now owns 6,892,204 shares of the biotechnology company’s stock valued at $22,469,000 after buying an additional 769,743 shares during the last quarter. MPM Bioimpact LLC increased its stake in shares of Rocket Pharmaceuticals by 141.2% in the 2nd quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company’s stock valued at $9,563,000 after buying an additional 2,284,816 shares during the period. Millennium Management LLC raised its position in shares of Rocket Pharmaceuticals by 52.0% during the third 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. Finally, Monaco Asset Management SAM raised its position in shares of Rocket Pharmaceuticals by 538.8% during the third quarter. Monaco Asset Management SAM now owns 2,892,261 shares of the biotechnology company’s stock worth $9,429,000 after acquiring an additional 2,439,494 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.