Rocket Pharmaceuticals (NASDAQ:RCKT) Sees Unusually-High Trading Volume After Analyst Upgrade

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT – Get Rating) saw an uptick in trading volume on Monday after SVB Leerink raised their price target on the stock from $64.00 to $66.00. SVB Leerink currently has an outperform rating on the stock. 14,774 shares were traded during trading, a decline of 97% from the previous session’s volume of 562,315 shares.The stock last traded at $11.00 and had previously closed at $10.70.

A number of other equities analysts have also weighed in on the company. Stifel Nicolaus upped their price objective on Rocket Pharmaceuticals from $63.00 to $67.00 in a research note on Thursday. Zacks Investment Research lowered Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Wednesday, April 27th. Chardan Capital upped their price objective on Rocket Pharmaceuticals from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday. Needham & Company LLC dropped their price objective on Rocket Pharmaceuticals from $75.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, May 17th. Finally, William Blair reaffirmed an “outperform” rating on shares of Rocket Pharmaceuticals in a research note on Thursday, May 5th. Two analysts have rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat, Rocket Pharmaceuticals currently has an average rating of “Hold” and an average target price of $64.25.

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In related news, insider Jonathan David Schwartz sold 45,000 shares of the stock in a transaction that occurred on Wednesday, March 30th. The stock was sold at an average price of $16.41, for a total transaction of $738,450.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 36.50% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the business. Arizona State Retirement System raised its holdings in shares of Rocket Pharmaceuticals by 4.9% in the third quarter. Arizona State Retirement System now owns 10,361 shares of the biotechnology company’s stock worth $310,000 after buying an additional 487 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Rocket Pharmaceuticals by 2.2% in the second quarter. Wells Fargo & Company MN now owns 26,388 shares of the biotechnology company’s stock worth $1,169,000 after buying an additional 560 shares during the period. Royal Bank of Canada raised its holdings in shares of Rocket Pharmaceuticals at 25.3% in the third quarter. Royal Bank of Canada now owns 3,409 shares of the biotechnology company’s stock worth $102,000 after buying an additional 689 shares during the period. HighTower Advisors LLC raised its holdings in shares of Rocket Pharmaceuticals by 5.0% in the fourth quarter. HighTower Advisors LLC now owns 16,121 shares of the biotechnology company’s stock worth $351,000 after buying an additional 761 shares during the period. Finally, IndexIQ Advisors LLC raised its holdings in shares of Rocket Pharmaceuticals by 11.1% in the third quarter. IndexIQ Advisors LLC now owns 10,133 shares of the biotechnology company’s stock worth $303,000 after buying an additional 1,015 shares during the period.

The company has a debt-to-equity ratio of 0.05, a current ratio of 15.68 and a quick ratio of 15.68. The firm has a fifty day moving average price of $12.94 and a two-hundred day moving average price of $18.35. The stock has a market capitalization of $713.68 million, a PE ratio of -3.96 and a beta of 1.92.

Rocket Pharmaceuticals (NASDAQ:RCKT – Get Rating) last issued its quarterly earnings results on Thursday, May 5th. The biotechnology company reported ($0.67) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.04. During the same period in the previous year, the company earned ($0.65) earnings per share. On average, research analysts expect that Rocket Pharmaceuticals, Inc. will post -2.7 earnings per share for the current fiscal year.

About Rocket Pharmaceuticals (NASDAQ:RCKT)

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a multi-platform 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.

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