Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Passes Below 50-Day Moving Average – Here’s What Happened

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares crossed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $3.51 and traded as low as $3.07. Rocket Pharmaceuticals shares last traded at $3.20, with a volume of 1,730,685 shares trading hands.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Bank of America lowered their price objective on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Morgan Stanley set a $5.00 price target on Rocket Pharmaceuticals in a research note on Thursday, January 8th. TD Cowen raised Rocket Pharmaceuticals to a “hold” rating in a research note on Friday, December 19th. Wedbush reissued an “outperform” rating and set a $16.00 target price on shares of Rocket Pharmaceuticals in a research report on Friday, November 7th. Finally, Chardan Capital restated a “buy” rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, October 14th. Eight analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.36.

Rocket Pharmaceuticals Stock Performance

The company has a fifty day moving average of $3.51 and a two-hundred day moving average of $3.38. The stock has a market capitalization of $346.30 million, a P/E ratio of -1.42 and a beta of 0.48. The company has a debt-to-equity ratio of 0.06, a current ratio of 7.30 and a quick ratio of 7.30.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RCKT. Prudential Financial Inc. acquired a new stake in Rocket Pharmaceuticals in the 2nd quarter valued at approximately $25,000. Sequoia Financial Advisors LLC acquired a new stake in shares of Rocket Pharmaceuticals in the fourth quarter worth $42,000. CANADA LIFE ASSURANCE Co increased its position in Rocket Pharmaceuticals by 94.4% during the second 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 during the period. Virtu Financial LLC bought a new position in Rocket Pharmaceuticals during the third quarter worth $40,000. Finally, Evergreen Capital Management LLC bought a new position in Rocket Pharmaceuticals during the fourth quarter worth $45,000. 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.