Strategic Financial Concepts LLC Makes New Investment in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

Strategic Financial Concepts LLC bought a new stake in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) in the 4th quarter, Holdings Channel.com reports. The fund bought 11,250 shares of the biotechnology company’s stock, valued at approximately $141,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP increased its position in Rocket Pharmaceuticals by 22.8% in the third quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock worth $207,642,000 after purchasing an additional 2,086,424 shares during the period. State Street Corp grew its position in shares of Rocket Pharmaceuticals by 11.6% during the 3rd quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock worth $57,294,000 after buying an additional 322,156 shares during the period. Maverick Capital Ltd. raised its stake in shares of Rocket Pharmaceuticals by 4.8% during the third quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock worth $76,072,000 after buying an additional 190,360 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in shares of Rocket Pharmaceuticals by 3.8% during the third quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock worth $83,001,000 after buying an additional 165,911 shares during the last quarter. Finally, Walleye Capital LLC acquired a new position in Rocket Pharmaceuticals in the third quarter valued at approximately $2,556,000. Institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT opened at $9.86 on Thursday. The firm has a market cap of $898.84 million, a P/E ratio of -3.59 and a beta of 0.98. Rocket Pharmaceuticals, Inc. has a twelve month low of $9.33 and a twelve month high of $31.47. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The firm’s 50 day moving average price is $11.47 and its two-hundred day moving average price is $15.60.

Insider Buying and Selling

In related news, CEO Gaurav Shah sold 11,091 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $13.05, for a total value of $144,737.55. Following the sale, the chief executive officer now owns 707,328 shares of the company’s stock, valued at approximately $9,230,630.40. This trade represents a 1.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 14,386 shares of company stock worth $185,345 over the last ninety days. Company insiders own 28.50% of the company’s stock.

Wall Street Analysts Forecast Growth

RCKT has been the subject of a number of analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $39.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Leerink Partners decreased their price objective on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. Scotiabank initiated coverage on Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 target price on the stock. Chardan Capital restated a “buy” rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a research report on Monday, November 18th. Finally, Wedbush started coverage on shares of Rocket Pharmaceuticals in a research report on Monday, December 30th. They issued an “outperform” rating and a $32.00 price target on the stock. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.27.

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.