Rocket Pharmaceuticals (NASDAQ:RCKT) Share Price Crosses Below Fifty Day Moving Average – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $3.51 and traded as low as $3.07. Rocket Pharmaceuticals shares last traded at $3.20, with a volume of 1,730,685 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Bank of America decreased their target price on Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. JPMorgan Chase & Co. lowered Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a report on Tuesday, November 18th. Morgan Stanley set a $5.00 target price on shares of Rocket Pharmaceuticals in a research report on Thursday, January 8th. Chardan Capital reaffirmed a “buy” rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, October 14th. Finally, Wedbush reiterated an “outperform” rating and set a $16.00 price objective on shares of Rocket Pharmaceuticals in a research note on Friday, November 7th. Eight equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.36.

Rocket Pharmaceuticals Stock Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 7.30 and a current ratio of 7.30. The company has a market cap of $346.30 million, a price-to-earnings ratio of -1.42 and a beta of 0.48. The firm’s 50-day moving average price is $3.51 and its 200 day moving average price is $3.38.

Institutional Trading of Rocket Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in Rocket Pharmaceuticals by 10.7% during the 4th quarter. Geode Capital Management LLC now owns 2,120,269 shares of the biotechnology company’s stock worth $7,443,000 after purchasing an additional 205,715 shares in the last quarter. Pier 88 Investment Partners LLC boosted its position in shares of Rocket Pharmaceuticals by 320.7% during the fourth quarter. Pier 88 Investment Partners LLC now owns 47,880 shares of the biotechnology company’s stock worth $168,000 after buying an additional 36,500 shares during the period. Ballentine Partners LLC grew its holdings in shares of Rocket Pharmaceuticals by 10.2% during the fourth quarter. Ballentine Partners LLC now owns 97,625 shares of the biotechnology company’s stock worth $343,000 after buying an additional 9,055 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in Rocket Pharmaceuticals in the 4th quarter valued at approximately $42,000. Finally, Sanctuary Advisors LLC raised its position in Rocket Pharmaceuticals by 63.5% in the 4th quarter. Sanctuary Advisors LLC now owns 17,437 shares of the biotechnology company’s stock valued at $61,000 after buying an additional 6,769 shares during the last quarter. Institutional investors and hedge funds own 98.39% of the company’s stock.

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.