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Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) CEO Gaurav Shah has recently purchased 20,000 shares of the company’s common stock, according to a recent SEC filing. The insider purchase comes as the stock shows signs of recovery with a ~14% gain over the past week, though it remains down about 75% from its 52-week high of $26.98. According to InvestingPro analysis, the company currently appears undervalued. The shares were acquired at a price of $5.08 each, totaling approximately $101,600. Following this transaction, Shah holds 792,680 shares directly. Additionally, indirect holdings include 207,897 shares through his spouse and 198,341 shares via the Gaurav D. Shah Irrevocable Trust. The company maintains a strong liquidity position with a current ratio of 9.3 and holds more cash than debt on its balance sheet. Get access to 12 additional key insights and a comprehensive Pro Research Report for RCKT through InvestingPro.
In other recent news, Rocket Pharmaceuticals has been the focus of several notable developments. BMO Capital Markets has maintained its Outperform rating for Rocket Pharmaceuticals, setting a price target of $50.00, reflecting optimism about the company’s upcoming updates on its Danon Disease program. This sentiment is shared by Cantor Fitzgerald, which also reaffirmed its Overweight rating with the same price target, citing confidence in the company’s PKP2 arrhythmogenic cardiomyopathy gene therapy program. Additionally, Rocket Pharmaceuticals announced the appointment of Sarbani Chaudhuri as the new Chief Commercial & Medical (TASE:BLWV) Affairs Officer, bringing significant experience from her previous roles at Johnson & Johnson and AstraZeneca (NASDAQ:AZN).
The company has faced challenges in the stock market, with a noted decline in value over recent months. Despite this, analyst firms like BMO Capital Markets and Cantor Fitzgerald remain confident in the company’s potential for recovery and growth. The broader biotech sector has experienced turbulence following the resignation of FDA’s top vaccine official, Peter Marks, which has raised concerns about regulatory stability. However, Rocket Pharmaceuticals continues to focus on advancing its gene therapy programs, which target critical unmet medical needs. These recent developments indicate a dynamic period for the company, as it navigates industry challenges while pursuing innovative treatments.
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