Insider Selling: Rocket Pharmaceuticals (NASDAQ:RCKT) Insider Sells $16,453.50 in Stock

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) insider Sarbani Chaudhuri sold 4,701 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total value of $16,453.50. Following the transaction, the insider directly owned 262,809 shares in the company, valued at $919,831.50. This trade represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rocket Pharmaceuticals Price Performance

Shares of RCKT stock opened at $3.47 on Friday. The company has a current ratio of 9.24, a quick ratio of 6.12 and a debt-to-equity ratio of 0.05. The firm has a fifty day simple moving average of $3.38 and a 200-day simple moving average of $3.61. The company has a market capitalization of $380.94 million, a PE ratio of -20.41 and a beta of 0.47. Rocket Pharmaceuticals, Inc. has a twelve month low of $2.53 and a twelve month high of $5.45.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.22. During the same period in the previous year, the business earned ($0.62) EPS. Equities research analysts anticipate that Rocket Pharmaceuticals, Inc. will post -1.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RCKT shares. Wall Street Zen lowered shares of Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday, August 9th. Wedbush reduced their price objective on shares of Rocket Pharmaceuticals from $16.00 to $15.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 11th. Weiss Ratings lowered shares of Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Finally, Chardan Capital reissued a “buy” rating and issued a $11.00 target price on shares of Rocket Pharmaceuticals in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $8.57.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the company. Maverick Capital Ltd. raised its stake in Rocket Pharmaceuticals by 42.0% during the first quarter. Maverick Capital Ltd. now owns 3,567,372 shares of the biotechnology company’s stock worth $12,771,000 after acquiring an additional 1,054,262 shares during the period. Renaissance Technologies LLC lifted its holdings in Rocket Pharmaceuticals by 51.3% in the first quarter. Renaissance Technologies LLC now owns 637,174 shares of the biotechnology company’s stock worth $2,281,000 after acquiring an additional 216,000 shares during the last quarter. Rice Hall James & Associates LLC boosted its stake in Rocket Pharmaceuticals by 8.1% in the first quarter. Rice Hall James & Associates LLC now owns 91,887 shares of the biotechnology company’s stock valued at $329,000 after acquiring an additional 6,900 shares during the period. Sequoia Financial Advisors LLC boosted its stake in Rocket Pharmaceuticals by 68.9% in the first quarter. Sequoia Financial Advisors LLC now owns 20,349 shares of the biotechnology company’s stock valued at $73,000 after acquiring an additional 8,298 shares during the period. Finally, Ground Swell Capital LLC acquired a new position in Rocket Pharmaceuticals in the first quarter valued at approximately $50,000. 98.39% of the stock is currently owned by institutional investors.

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.