Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its stake in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Free Report) by 44.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 224,311 shares of the biotechnology company's stock after selling 181,848 shares during the quarter. Bank of America Corp DE owned 0.25% of Rocket Pharmaceuticals worth $2,820,000 as of its most recent SEC filing.

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Other institutional investors and hedge funds have also modified their holdings of the company. Jennison Associates LLC increased its stake in shares of Rocket Pharmaceuticals by 72.6% in the 4th quarter. Jennison Associates LLC now owns 70,304 shares of the biotechnology company's stock valued at $884,000 after purchasing an additional 29,564 shares in the last quarter. Sovran Advisors LLC purchased a new position in shares of Rocket Pharmaceuticals in the 4th quarter valued at about $1,895,000. Raymond James Financial Inc. purchased a new position in shares of Rocket Pharmaceuticals in the 4th quarter valued at about $285,000. Strategic Financial Concepts LLC purchased a new stake in Rocket Pharmaceuticals during the 4th quarter worth approximately $141,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Rocket Pharmaceuticals by 15.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 656,090 shares of the biotechnology company's stock worth $8,247,000 after buying an additional 86,276 shares in the last quarter. Institutional investors and hedge funds own 98.39% of the company's stock.

Rocket Pharmaceuticals Trading Down 5.3%

Shares of RCKT opened at $2.48 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The firm has a 50 day simple moving average of $6.20 and a 200-day simple moving average of $9.45. Rocket Pharmaceuticals, Inc. has a 1-year low of $2.19 and a 1-year high of $26.98. The stock has a market cap of $264.83 million, a price-to-earnings ratio of -0.90 and a beta of 1.02.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its earnings results on Tuesday, May 13th. The biotechnology company reported ($0.56) EPS for the quarter, topping the consensus estimate of ($0.58) by $0.02. During the same quarter in the previous year, the firm earned ($0.66) earnings per share. Equities analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

Insider Activity

In related news, CEO Gaurav Shah bought 20,000 shares of the company's stock in a transaction dated Thursday, April 10th. The stock was bought at an average price of $5.08 per share, with a total value of $101,600.00. Following the transaction, the chief executive officer now owns 792,680 shares of the company's stock, valued at approximately $4,026,814.40. This trade represents a 2.59% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Aaron Ondrey sold 7,489 shares of the business's stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $5.29, for a total transaction of $39,616.81. Following the completion of the sale, the chief financial officer now directly owns 129,650 shares of the company's stock, valued at $685,848.50. The trade was a 5.46% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 24.76% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RCKT. BMO Capital Markets dropped their price target on Rocket Pharmaceuticals from $30.00 to $8.00 and set an "outperform" rating for the company in a research report on Wednesday. Wedbush reiterated an "outperform" rating and issued a $32.00 price objective on shares of Rocket Pharmaceuticals in a research note on Friday, May 16th. The Goldman Sachs Group lowered Rocket Pharmaceuticals from a "neutral" rating to a "sell" rating in a report on Wednesday. Canaccord Genuity Group dropped their price objective on Rocket Pharmaceuticals from $36.00 to $34.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, Morgan Stanley reiterated an "equal weight" rating and set a $7.00 target price on shares of Rocket Pharmaceuticals in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, Rocket Pharmaceuticals currently has a consensus rating of "Hold" and a consensus target price of $21.21.

Get Our Latest Stock Analysis on RCKT

About Rocket Pharmaceuticals

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.

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