New York, May 30, 2026, 18:04 EDT
- Hoth Therapeutics shares stopped trading under the HOTH ticker and started trading as Rocket One, now listed as RKTO on Nasdaq.
- RKTO finished Friday at $1.46, dropping 14.1%. Shares had surged earlier this week after a big rebrand move.
- This week’s focus stays on filings, funding risk, how investors feel about AI, and Friday’s U.S. jobs data.
Rocket One Inc. (RKTO), which used to be called Hoth Therapeutics, dropped 14.1% to close at $1.46 on Friday. Shares slipped further to $1.384 after the bell, according to StockAnalysis. The stock pulled back after its rapid jump tied to a move from biotech into AI and space.
That’s important now since the HOTH ticker isn’t trading anymore. A filing showed the legal name became Rocket One Inc. as of May 26. Nasdaq switched the ticker to RKTO on May 28. Shareholder rights and the CUSIP number stayed the same.
Stocks moved in a week shortened by the holiday. Nasdaq’s calendar for 2026 put Memorial Day on May 25 as a market holiday, so the week had four normal sessions before the weekend.
RKTO stayed 128.1% higher for the week, even though it fell Friday. Data from Barchart showed it touched $2.20 on May 28, a five-day high, but closed much lower. The Nasdaq Composite climbed 2.4% this week and ended Friday at 26,972.62.
Rocket One shares shot up nearly 40% on Thursday as the newly renamed company started trading, Reuters said. Smaller names are still riding the wave of AI and space interest. “Look behind the curtain,” CrossCheck Management CIO Todd Schoenberger told Reuters. Other space stocks like Rocket Lab and Intuitive Machines also jumped with all the SpaceX IPO buzz, putting Rocket One into a heated space. Reuters
Rocket One is pushing the “orbital economy” strategy, which aims at building businesses around satellites, spacecraft and in-orbit services. The company said nanomagnetic AI chip tech and radiation-tolerant computing are its new main bets—hardware meant to survive and run in tough space conditions. Rocket One will keep its old biotech programs in a fully owned subsidiary. “Space is moving from a launch story to a compute story,” CEO Robb Knie said. PR Newswire
Rocket One said Thursday it joined Advanced Micro Devices’ AI Developer Program to access early software tools for its chip tech. According to AMD’s website, the program is free for developers and can include cloud credits, tech resources and expert access.
But the risks are hard to miss. Rocket One’s latest SEC filing boosted its at-the-market stock sale limit by up to $2.66 million. In an at-the-market offering, a company can drip new shares into the market over time, potentially raising cash but diluting current shareholders. The quarterly report showed no net revenue, a net loss of $2.69 million, $4.05 million in cash, and said there is “substantial doubt” the company can keep going as a business over the next year. Rocket One also said its new licensed technologies are not yet fabricated into devices, have not been validated in space, and aren’t qualified for commercial or government use. SEC PR Newswire
Hoth’s biotech projects haven’t disappeared, but they aren’t as much of the story now. The company was advancing HT-001 and other drug candidates, such as therapies for cancer-related skin side effects and more, before the recent focus on space-AI sent the stock in another direction.
RKTO traders get new tests next week. Wall Street is eyeing the June 5 payrolls number. Reuters reports economists are looking for 85,000 new jobs. Broadcom is also on the calendar, seen as another read on the AI trade. Liz Ann Sonders at the Schwab Center for Financial Research said if jobs come in hot and inflation stays high, that could “change the outlook for Fed policy.” Reuters
