This trade activity should not be overlooked: Rocket Pharmaceuticals Inc (RCKT)

Rocket Pharmaceuticals Inc (NASDAQ: RCKT) stock jumped 2.81% on Friday to $21.95 against a previous-day closing price of $21.35. With 0.74 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.29 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $22.22 whereas the lowest price it dropped to was $21.33. The 52-week range on RCKT shows that it touched its highest point at $24.65 and its lowest point at $14.89 during that stretch. It currently has a 1-year price target of $52.27. Beta for the stock currently stands at 0.96.

Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of RCKT was up-trending over the past week, with a rise of 18.33%, but this was up by 28.66% over a month. Three-month performance surged to 38.22% while six-month performance rose 0.14%. The stock gained 12.80% in the past year, while it has gained 12.16% so far this year. A look at the trailing 12-month EPS for RCKT yields -3.22 with Next year EPS estimates of -2.37. For the next quarter, that number is -0.77. This implies an EPS growth rate of 5.77% for this year and 22.80% for next year.

Float and Shares Shorts:

At present, 90.16 million RCKT shares are outstanding with a float of 81.82 million shares on hand for trading. On Oct 30, 2023, short shares totaled 9.05 million, which was 10.04% higher than short shares on Sep 28, 2023. In addition to Dr. Gaurav D. Shah M.D. as the firm’s CEO & Director, Ms. Kinnari Patel M.B.A., Pharm.D. serves as its President & COO.

Institutional Ownership:

Through their ownership of 100.17% of RCKT’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 70.57% of RCKT, in contrast to 37.21% held by mutual funds. Shares owned by individuals account for 27.37%. As the largest shareholder in RCKT with 21.97% of the stake, RTW Investments LP holds 17,687,772 shares worth 17,687,772. A second-largest stockholder of RCKT, Wellington Management Co. LLP, holds 8,022,830 shares, controlling over 9.96% of the firm’s shares. Maverick Capital Ltd. is the third largest shareholder in RCKT, holding 5,629,970 shares or 6.99% stake. With a 3.19% stake in RCKT, the Vanguard Health Care Fund is the largest stakeholder. A total of 2,571,100 shares are owned by the mutual fund manager. The SPDR S&P Biotech ETF, which owns about 2.60% of RCKT stock, is the second-largest Mutual Fund holder. It holds 2,094,088 shares valued at 37.9 million. Vanguard Total Stock Market ETF holds 2.34% of the stake in RCKT, owning 1,884,166 shares worth 34.1 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RCKT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With RCKT analysts setting a high price target of $65.00 and a low target of $37.00, the average target price over the next 12 months is $52.27. Based on these targets, RCKT could surge 196.13% to reach the target high and rise by 68.56% to reach the target low. Reaching the average price target will result in a growth of 138.13% from current levels.

Summary of Insider Activity:

Insiders traded RCKT stock several times over the past three months with 2 Buys and 4 Sells. In these transactions, 1,000,000 shares were bought while 1,014,989 shares were sold. The number of buy transactions has increased to 16 while that of sell transactions has risen to 15 over the past year. The total number of shares bought during that period was 1,697,628 while 1,047,181 shares were sold.