Rocket Pharmaceuticals (NASDAQ:RCKT) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Rocket Pharmaceuticals (NASDAQ:RCKT) posted its quarterly earnings data on Thursday. The biotechnology company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.03, Zacks reports. During the same quarter last year, the company posted ($0.71) EPS.

Rocket Pharmaceuticals Stock Performance

NASDAQ RCKT traded down $0.06 on Friday, reaching $3.17. 2,118,380 shares of the company’s stock traded hands, compared to its average volume of 3,428,885. The firm has a market cap of $342.06 million, a price-to-earnings ratio of -1.26 and a beta of 0.70. The stock has a 50 day moving average price of $3.44 and a 200-day moving average price of $3.83. Rocket Pharmaceuticals has a fifty-two week low of $2.19 and a fifty-two week high of $17.83. The company has a debt-to-equity ratio of 0.05, a quick ratio of 6.39 and a current ratio of 6.39.

Insider Buying and Selling

In related news, insider John Militello sold 28,918 shares of the firm’s stock in a transaction dated Tuesday, October 14th. The stock was sold at an average price of $3.96, for a total transaction of $114,515.28. Following the sale, the insider directly owned 67,006 shares of the company’s stock, valued at $265,343.76. This trade represents a 30.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jonathan David Schwartz sold 11,161 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $3.02, for a total value of $33,706.22. Following the transaction, the insider owned 224,094 shares of the company’s stock, valued at approximately $676,763.88. This represents a 4.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 64,368 shares of company stock worth $221,675. Corporate insiders own 24.76% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in RCKT. Prudential Financial Inc. purchased a new position in shares of Rocket Pharmaceuticals during the 2nd quarter valued at approximately $25,000. CANADA LIFE ASSURANCE Co grew 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 valued at $29,000 after buying an additional 5,926 shares during the period. Marex Group plc purchased a new position in Rocket Pharmaceuticals in the second quarter valued at $55,000. Gilder Gagnon Howe & Co. LLC purchased a new position in Rocket Pharmaceuticals in the second quarter valued at $55,000. Finally, Corient Private Wealth LLC acquired a new position in shares of Rocket Pharmaceuticals in the second quarter worth about $56,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Leerink Partners dropped their target price on shares of Rocket Pharmaceuticals from $9.00 to $7.00 and set a “market perform” rating on the stock in a research report on Friday, October 3rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 8th. Cantor Fitzgerald dropped their price objective on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Bank of America raised Rocket Pharmaceuticals from a “neutral” rating to a “buy” rating and upped their target price for the company from $4.00 to $10.00 in a research report on Wednesday, August 20th. Finally, Needham & Company LLC restated a “hold” rating on shares of Rocket Pharmaceuticals in a research note on Thursday, July 24th. Eight analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $16.67.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a late-stage biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia.