Suvretta Capital Management LLC Cuts Position in Rocket Pharmaceuticals, Inc. $RCKT

Suvretta Capital Management LLC decreased its position in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) by 7.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,843,333 shares of the biotechnology company’s stock after selling 300,000 shares during the quarter. Suvretta Capital Management LLC owned 3.55% of Rocket Pharmaceuticals worth $12,529,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of RCKT. AQR Capital Management LLC grew its holdings in shares of 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 in the last quarter. Millennium Management LLC increased its position in Rocket Pharmaceuticals by 121.8% in the first quarter. Millennium Management LLC now owns 747,147 shares of the biotechnology company’s stock worth $4,983,000 after purchasing an additional 410,238 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Rocket Pharmaceuticals during the first quarter valued at $189,000. Goldman Sachs Group Inc. lifted its position in Rocket Pharmaceuticals by 24.0% during the first quarter. Goldman Sachs Group Inc. now owns 995,690 shares of the biotechnology company’s stock valued at $6,641,000 after purchasing an additional 192,905 shares during the last quarter. Finally, Bank of Montreal Can bought a new position in Rocket Pharmaceuticals during the second quarter valued at $181,000. 98.39% of the stock is owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Stock Performance

Shares of NASDAQ:RCKT opened at $4.73 on Friday. The company has a market capitalization of $513.54 million, a price-to-earnings ratio of -2.35 and a beta of 0.39. Rocket Pharmaceuticals, Inc. has a 12 month low of $2.19 and a 12 month high of $8.89. The firm’s 50-day moving average is $3.89 and its 200 day moving average is $3.55. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.07.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Thursday, February 26th. The biotechnology company reported ($0.38) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.04. During the same quarter in the previous year, the business earned ($0.62) earnings per share. Research analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RCKT. Morgan Stanley set a $5.00 price objective on shares of Rocket Pharmaceuticals in a research note on Thursday, January 8th. JPMorgan Chase & Co. downgraded shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a report on Tuesday, November 18th. Lifesci Capital raised Rocket Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, February 26th. Wall Street Zen downgraded Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Sunday, March 8th. Finally, TD Cowen upgraded Rocket Pharmaceuticals to a “hold” rating in a report on Friday, December 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $13.79.

Insider Activity at Rocket Pharmaceuticals

In other news, General Counsel Martin Wilson sold 12,253 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,557.43. Following the sale, the general counsel directly owned 683,376 shares in the company, valued at approximately $2,261,974.56. This represents a 1.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Gaurav Shah sold 12,279 shares of the business’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,643.49. Following the transaction, the chief executive officer owned 1,052,045 shares of the company’s stock, valued at approximately $3,482,268.95. The trade was a 1.15% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 29,415 shares of company stock worth $97,398. Company insiders own 24.76% 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.