RTW Investments LP recently announced the acquisition of new stake in Rocket Pharmaceuticals Inc. (NASDAQ:RCKT). The institutional investor has increased its shareholding in the Healthcare company by 8.48% to 17.69 million shares with purchase of 1.38 million shares. This fresh investment now brings its stake to 22.47% valued currently at $339.78 million. In addition, BlackRock Fund Advisors raised its holdings by 0.97 million to 4.26 million shares. And The Vanguard Group, Inc. has lifted its position by 19.76% or 0.67 million shares – to 4.09 million shares.
With over 2.26 million Rocket Pharmaceuticals Inc. (RCKT) shares trading Tuesday and a closing price of $18.73 on the day, the dollar volume was approximately $42.36 million. The shares have shown a positive half year performance of 16.55% and its price on 03/14/23 lost nearly -2.95%. Currently, there are 76.38M common shares owned by the public and among those 75.33M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 15 analysts who have offered their price forecasts for RCKT have a consensus price objective of $50.23. The analysts have set the share’s price value over the next 12 months at a high of $75.00 and a low of $33.00. The average price target is 62.6% above its recent price level and an upside to the estimated low will see the stock gain 43.24% over that period. But an upside of 75.03% will see the stock hit the forecast high price target while median target price for the stock is $49.00.
Insiders at the company have transacted a total of 16 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 5 of these insider trades were purchases, accounting for 1,414,524 shares. Insider sales of the common stock occurred on 11 occasions, with total insider shares sold totaling 196,995 shares.
The top 3 mutual fund holders in Rocket Pharmaceuticals Inc. are SPDR S&P Biotech ETF, Vanguard Total Stock Market Index, and Vanguard Health Care Fund. SPDR S&P Biotech ETF owns 2.47 million shares of the company’s stock, all valued at over $47.48 million. The company sold 21990.0 shares recently to bring their total holdings to about 3.14% of the shares outstanding. Vanguard Health Care Fund now owns shares totaling to 1.52% of the shares outstanding.
Shares of Rocket Pharmaceuticals Inc. (NASDAQ: RCKT) opened at $19.88, up $0.58 from a prior closing price of $19.30. However, the script later moved the day high at 20.00, down -2.95%. The company’s stock has a 5-day price change of -7.60% and -1.42% over the past three months. RCKT shares are trading -4.29% year to date (YTD), with the 12-month market performance up to 19.38% higher. It has a 12-month low price of $7.57 and touched a high of $23.48 over the same period. RCKT has an average intraday trading volume of 909.63K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.16%, -7.39%, and 9.10% respectively.
Institutional ownership of Rocket Pharmaceuticals Inc. (NASDAQ: RCKT) shares accounts for 89.70% of the company’s 76.38M shares outstanding. Mutual fund holders own 31.99%, while other institutional holders and individual stakeholders account for 62.46% and 26.35% respectively.
It has a market capitalization of $1.58B and a beta (3y monthly) value of 1.25. The earnings-per-share (ttm) stands at -$3.24. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.77% over the week and 5.44% over the month.
Analysts forecast that Rocket Pharmaceuticals Inc. (RCKT) will achieve an EPS of -$0.8 for the current quarter, -$0.82 for the next quarter and -$2.96 for 2023. The lowest estimate earnings-per-share for the quarter is -$1 while analysts give the company a high EPS estimate of -$0.56. Comparatively, EPS for the current quarter was -$0.69 a year ago. Earnings per share for the fiscal year are expected to decrease by -21.80%, and 34.80% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 15 brokerage firm advisors rate Rocket Pharmaceuticals Inc. (RCKT) as a “Strong Buy” at a consensus score of 1.60. Specifically, 14 Wall Street analysts polled rate the stock as a buy, while 0 of the 15 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RCKT, a number of firms have released research notes about the stock. Morgan Stanley stated their Overweight rating for the stock in a research note on February 01, 2023, with the firm’s price target at $45. Canaccord Genuity coverage for the Rocket Pharmaceuticals Inc. (RCKT) stock in a research note released on November 08, 2022 offered a Buy rating with a price target of $53. BTIG Research was of a view on November 01, 2022 that the stock is Buy, while Raymond James gave the stock Outperform rating on July 08, 2022, issuing a price target of $22. Cowen on their part issued Outperform rating on October 20, 2021.
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