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

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares passed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $3.43 and traded as high as $3.89. Rocket Pharmaceuticals shares last traded at $3.72, with a volume of 2,411,606 shares trading hands.

Analyst Upgrades and Downgrades

RCKT has been the topic of several analyst reports. TD Cowen raised Rocket Pharmaceuticals to a “hold” rating in a report on Friday, December 19th. Bank of America dropped their price target on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 8th. Wedbush reaffirmed an “outperform” rating and issued a $16.00 target price on shares of Rocket Pharmaceuticals in a research report on Friday, November 7th. Finally, JPMorgan Chase & Co. lowered shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a research note on Tuesday, November 18th. Eight research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.36.

Rocket Pharmaceuticals Stock Down 1.6%

The firm has a market capitalization of $402.58 million, a PE ratio of -1.65 and a beta of 0.47. The company has a debt-to-equity ratio of 0.06, a current ratio of 7.30 and a quick ratio of 7.30. The company has a 50-day moving average price of $3.43 and a 200 day moving average price of $3.35.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its earnings results on Thursday, November 6th. The biotechnology company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.03. During the same period in the prior year, the company posted ($0.71) EPS. Analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of RCKT. Maverick Capital Ltd. grew its stake in 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 acquiring an additional 3,164,595 shares in the last quarter. Monaco Asset Management SAM boosted its holdings in shares of Rocket Pharmaceuticals by 538.8% during the 3rd quarter. Monaco Asset Management SAM now owns 2,892,261 shares of the biotechnology company’s stock valued at $9,429,000 after purchasing an additional 2,439,494 shares during the last quarter. MPM Bioimpact LLC grew its position in shares of Rocket Pharmaceuticals by 141.2% during the second quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company’s stock valued at $9,563,000 after purchasing an additional 2,284,816 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in shares of Rocket Pharmaceuticals by 690.8% in the second quarter. Qube Research & Technologies Ltd now owns 1,548,262 shares of the biotechnology company’s stock worth $3,793,000 after purchasing an additional 1,352,469 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Rocket Pharmaceuticals by 52.0% in the third quarter. Millennium Management LLC now owns 3,570,391 shares of the biotechnology company’s stock worth $11,639,000 after buying an additional 1,221,554 shares in the last quarter. Institutional investors own 98.39% of the company’s stock.

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.