Key Points
- Insider sale: Rocket Pharmaceuticals insider Sarbani Chaudhuri sold 17,650 shares at $3.84 each, totaling about $67,776. The filing says the sale was to cover tax withholding tied to vested equity awards.
- Stock and earnings update: RCKT shares were down about 1.1% and opened at $3.59. The company recently reported a quarterly loss of $0.42 per share, slightly worse than the $0.41 consensus estimate.
- Analyst and ownership backdrop: Institutional investors hold nearly all of the stock, with several funds boosting positions in recent quarters. Wall Street remains mixed, with an average analyst rating of Hold and a consensus price target of $11.54.
Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) insider Sarbani Chaudhuri sold 17,650 shares of the stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $3.84, for a total transaction of $67,776.00. Following the completion of the sale, the insider directly owned 267,510 shares in the company, valued at $1,027,238.40. This trade represents a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Rocket Pharmaceuticals Stock Down 1.1%
Shares of NASDAQ:RCKT opened at $3.59 on Tuesday. The firm has a market capitalization of $391.74 million, a PE ratio of -1.92 and a beta of 0.52. The business has a 50 day simple moving average of $4.06 and a two-hundred day simple moving average of $3.68. Rocket Pharmaceuticals, Inc. has a 1 year low of $2.19 and a 1 year high of $7.39. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.12 and a quick ratio of 6.12.
Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.01). During the same period in the previous year, the firm posted ($0.56) earnings per share. On average, equities analysts predict that Rocket Pharmaceuticals, Inc. will post -1.68 EPS for the current year.
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in RCKT. AQR Capital Management LLC grew its stake in Rocket Pharmaceuticals by 148.4% in the first quarter. AQR Capital Management LLC now owns 163,622 shares of the biotechnology company's stock valued at $1,091,000 after purchasing an additional 97,758 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Rocket Pharmaceuticals by 121.8% in the 1st quarter. Millennium Management LLC now owns 747,147 shares of the biotechnology company's stock valued at $4,983,000 after buying an additional 410,238 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Rocket Pharmaceuticals in the 1st quarter worth approximately $189,000. Goldman Sachs Group Inc. grew its position in shares of Rocket Pharmaceuticals by 24.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 995,690 shares of the biotechnology company's stock worth $6,641,000 after buying an additional 192,905 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Rocket Pharmaceuticals by 1.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,030,891 shares of the biotechnology company's stock worth $4,976,000 after acquiring an additional 36,847 shares in the last quarter. 98.39% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on RCKT shares. Weiss Ratings upgraded Rocket Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, April 24th. Bank of America raised their price target on shares of Rocket Pharmaceuticals from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Monday, March 30th. Cantor Fitzgerald lifted their price objective 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. Chardan Capital reissued a "buy" rating and issued a $11.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday. Finally, The Goldman Sachs Group increased their price target on Rocket Pharmaceuticals to $3.00 and gave the stock a "sell" rating in a research report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $11.54.
Get Our Latest Report on RCKT
Rocket Pharmaceuticals Company Profile
(
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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.
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