As the world navigates through a global pandemic, developments and advances in the healthcare and biotech industries have become more crucial than ever. One company that has caught the eye of investment firm Synovus Financial Corp is Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT). According to the latest filing with the Securities and Exchange Commission (SEC), Synovus Financial Corp has increased its stake in Rocket Pharmaceuticals by an impressive 47.7% in Q4 of 2022. The fund now owns over 128,914 shares of Rocket Pharmaceuticals’ common stock.
Rocket Pharmaceuticals is a clinical-stage biotechnology company focused on developing gene therapy treatments for rare pediatric diseases. The company’s multi-platform development approach employs lentiviral vector and adeno-associated viral vector gene therapy platforms to tackle unmet medical needs. Despite taking a hit last quarter with earnings missing consensus estimates by $0.10 for ($0.92) EPS, the company remains optimistic about its future revenue streams and impact on patients worldwide.
With Synovus Financial Corp’s increased stake in Rocket Pharmaceuticals, investors may be wondering what potential benefits this could bring to both parties involved. Firstly, Synovus Financial Corp now holds approximately 0.17% of Rocket Pharmaceuticals worth $2,523,000 – a significant investment in a biotech company driven towards treating rare pediatric diseases that presently have no cure alternatives.
Moreover, Rocket Pharmaceuticals’ innovative approach to using gene therapies shows promise towards improving patients’ quality of life while addressing unmet medical needs. This benefit may attract additional investments from emerging markets seeking solutions for their citizens’ well-being while simultaneously boosting financial gains.
While predictions are just projections until proven otherwise, equities analysts expect that Rocket Pharmaceuticals will post -3.34 EPS for the current fiscal year despite last quarter’s missed estimates – proof that long-term strategies require patience and commitment before realizing success.
In conclusion, with increasing attention towards biotechnology companies’ investments, Rocket Pharmaceuticals is among the few that stands out with its dedication to developing treatment options for rare pediatric diseases. As Synovus Financial Corp continues to increase its stake in the company, there is promise on the horizon for possible breakthroughs and solutions towards better patient outcomes.
Rocket Pharmaceuticals seeing interest from institutional investors and hedge funds
Rocket Pharmaceuticals, a clinical-stage biotechnology company specializing in gene therapy for pediatric diseases, has gained the attention of institutional investors and hedge funds recently. Credit Suisse AG increased its stake in the company by 2.9%, while Rhumbline Advisers raised its position by 3.7%. Allspring Global Investments Holdings LLC and Great West Life Assurance Co.Can also acquired new positions in Rocket Pharmaceuticals. ProShare Advisors LLC also increased their stake by 26.9% during the fourth quarter of last year. Currently, 93.23% of the stock is owned by hedge funds and institutional investors.
Rocket Pharmaceuticals opened at $17.43 on Friday after it reached a 52-week low of $7.57 and a high of $23.48. With a debt-to-equity ratio of only 0.04, the company’s current ratio and quick ratios are both at 9.29%. As far as research ratings go, Morgan Stanley initiated coverage in February with an “overweight” rating and set a $45 price target on RCKT shares; meanwhile, William Blair has since reiterated Rocket Pharmaceuticals’ rating to “outperform.”
Though one equities research analyst rated RCKT shares with a sell rating, twelve others have issued buy ratings according to data from Bloomberg.com — resulting in an average rating of “moderate buy” with an approximate consensus target price of $52.58.
The CEO of Rocket Pharmaceuticals, Gaurav Shah, recently made headlines when he sold more than twelve thousand shares for a total value of $232,417.64 while Chief Insider John Militello sold roughly two thousand shares for approximately $43k — both transactions were disclosed through legal filings with the Securities & Exchange Commission.
Despite these sales, corporate insiders still own about one-third (33.67%) of RCKT stock valued at over $343k throughout Q1 alone. With such high interest from institutional investors and hedge funds, Rocket Pharmaceuticals could be considered a biotech company to keep an eye on.