Monte Rosa Therapeutics’ (GLUE) Outperform Rating Reiterated at Wedbush

Wedbush reiterated their outperform rating on shares of Monte Rosa Therapeutics (NASDAQ:GLUE) in a report published on Thursday morning,RTT News reports. They currently have a $15.00 target price on the stock.

Separately, Wells Fargo & Company lowered their price objective on shares of Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating on the stock in a report on Monday, August 12th.

Monte Rosa Therapeutics Stock Down 2.8 %

Shares of NASDAQ:GLUE opened at $9.26 on Thursday. The firm has a market cap of $568.29 million, a P/E ratio of -4.13 and a beta of 1.30. The company’s 50-day moving average price is $6.25 and its two-hundred day moving average price is $5.16. Monte Rosa Therapeutics has a 12 month low of $2.91 and a 12 month high of $12.40.

Monte Rosa Therapeutics (NASDAQ:GLUE) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.16. The company had revenue of $9.22 million during the quarter, compared to analyst estimates of $4.54 million. As a group, equities analysts predict that Monte Rosa Therapeutics will post -1.83 earnings per share for the current fiscal year.

Insider Transactions at Monte Rosa Therapeutics

In related news, major shareholder Versant Venture Capital Vi, L. sold 9,269 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.16, for a total transaction of $57,097.04. Following the sale, the insider now owns 6,231,902 shares of the company’s stock, valued at $38,388,516.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders sold 1,773,722 shares of company stock valued at $11,573,438. Company insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Monte Rosa Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. purchased a new position in shares of Monte Rosa Therapeutics in the 2nd quarter worth about $38,000. SG Americas Securities LLC bought a new stake in shares of Monte Rosa Therapeutics during the third quarter valued at about $55,000. Intech Investment Management LLC bought a new position in Monte Rosa Therapeutics in the 3rd quarter valued at $77,000. American Century Companies Inc. boosted its stake in Monte Rosa Therapeutics by 46.0% during the second quarter. American Century Companies Inc. now owns 49,410 shares of the company’s stock valued at $185,000 after buying an additional 15,562 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Monte Rosa Therapeutics by 16.9% in the second quarter. Bank of New York Mellon Corp now owns 109,864 shares of the company’s stock valued at $411,000 after purchasing an additional 15,845 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors.

About Monte Rosa Therapeutics

Monte Rosa Therapeutics, Inc, a clinical-stage biotechnology company, engages in the development of novel small molecule precision medicines that employ the body's natural mechanisms to selectively degrade therapeutically relevant proteins. The company develops MRT-2359, an orally bioavailable molecular glue degrader targeting the translation termination factor protein GSPT1 for the treatment of MYC-driven tumors; MRT-6160 for the treatment of systemic and central nervous system autoimmune diseases; and MRT-8102 for the treatment of IL-1?/NLRP3 driven inflammatory diseases.