Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Short Interest Up 49.9% in October

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) was the recipient of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 7,840,000 shares, a growth of 49.9% from the October 15th total of 5,230,000 shares. Based on an average daily volume of 2,080,000 shares, the short-interest ratio is currently 3.8 days. Currently, 17.0% of the company’s shares are sold short.

Monte Rosa Therapeutics Price Performance

Shares of GLUE stock traded down $0.74 on Friday, reaching $7.74. 881,291 shares of the company were exchanged, compared to its average volume of 755,507. Monte Rosa Therapeutics has a one year low of $2.91 and a one year high of $12.40. The company has a market cap of $475.52 million, a price-to-earnings ratio of -4.23 and a beta of 1.30. The company has a 50-day moving average of $6.54 and a 200-day moving average of $5.28.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.16. The firm had revenue of $9.22 million during the quarter, compared to the consensus estimate of $4.54 million. As a group, sell-side analysts predict that Monte Rosa Therapeutics will post -1.02 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on GLUE shares. Wedbush reaffirmed an “outperform” rating and set a $15.00 target price on shares of Monte Rosa Therapeutics in a research note on Thursday, November 7th. Wells Fargo & Company reduced their price objective on shares of Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating for the company in a research report on Monday, August 12th.

Insider Transactions at Monte Rosa Therapeutics

In other Monte Rosa Therapeutics news, major shareholder Versant Venture Capital Vi, L. sold 541,897 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $6.00, for a total transaction of $3,251,382.00. Following the completion of the sale, the insider now directly owns 6,257,218 shares in the company, valued at approximately $37,543,308. This trade represents a 7.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 1,773,722 shares of company stock worth $11,573,438. Company insiders own 6.50% of the company’s stock.

Institutional Trading of Monte Rosa Therapeutics

Several hedge funds have recently bought and sold shares of GLUE. Ikarian Capital LLC bought a new position in Monte Rosa Therapeutics in the 3rd quarter valued at about $1,651,000. Geode Capital Management LLC boosted its position in shares of Monte Rosa Therapeutics by 23.3% during the third quarter. Geode Capital Management LLC now owns 1,044,689 shares of the company’s stock valued at $5,538,000 after buying an additional 197,247 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Monte Rosa Therapeutics by 3.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,096,787 shares of the company’s stock worth $35,933,000 after buying an additional 155,880 shares in the last quarter. Renaissance Technologies LLC raised its position in Monte Rosa Therapeutics by 108.6% in the 2nd quarter. Renaissance Technologies LLC now owns 254,714 shares of the company’s stock valued at $953,000 after buying an additional 132,614 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Monte Rosa Therapeutics by 111.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 153,758 shares of the company’s stock valued at $575,000 after acquiring an additional 81,083 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.