Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Crosses Below 200-Day Moving Average – Should You Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $3.64 and traded as low as $2.86. Rocket Pharmaceuticals shares last traded at $2.89, with a volume of 3,575,466 shares changing hands.

Analysts Set New Price Targets

RCKT has been the topic of several recent research reports. Bank of America upped their price target on shares of Rocket Pharmaceuticals from $8.00 to $9.00 and gave the company a “buy” rating in a report on Monday, March 30th. Weiss Ratings raised shares of Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. Chardan Capital reaffirmed a “buy” rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, May 11th. Wall Street Zen raised shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Cantor Fitzgerald upped their price target on shares of Rocket Pharmaceuticals from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Rocket Pharmaceuticals has a consensus rating of “Hold” and a consensus target price of $8.44.

Rocket Pharmaceuticals Stock Down 4.3%

The company has a quick ratio of 6.12, a current ratio of 6.12 and a debt-to-equity ratio of 0.08. The firm has a market cap of $315.56 million, a PE ratio of -1.55 and a beta of 0.48. The firm’s 50 day moving average is $3.56 and its 200-day moving average is $3.64.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.01). During the same quarter last year, the firm earned ($0.56) EPS. As a group, equities research analysts expect that Rocket Pharmaceuticals, Inc. will post -1.4 earnings per share for the current fiscal year.

Insider Activity at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah sold 55,684 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $3.09, for a total transaction of $172,063.56. Following the transaction, the chief executive officer owned 1,061,724 shares of the company’s stock, valued at approximately $3,280,727.16. This represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Sarbani Chaudhuri sold 17,650 shares of the company’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $3.84, for a total transaction of $67,776.00. Following the transaction, the insider directly owned 267,510 shares in the company, valued at $1,027,238.40. The trade was a 6.19% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 83,733 shares of company stock worth $275,307 in the last three months. Insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Prudential Financial Inc. acquired a new position in Rocket Pharmaceuticals during the second quarter worth approximately $25,000. 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 purchasing an additional 5,926 shares during the last quarter. Franklin Resources Inc. acquired a new position in Rocket Pharmaceuticals during the fourth quarter worth approximately $38,000. Virtu Financial LLC acquired a new position in Rocket Pharmaceuticals during the third quarter worth approximately $40,000. Finally, Sequoia Financial Advisors LLC acquired a new position in Rocket Pharmaceuticals during the fourth quarter worth approximately $42,000. Institutional investors and hedge funds 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.