Monte Rosa Therapeutics (NASDAQ:GLUE) Receives “Outperform” Rating from Wedbush

Monte Rosa Therapeutics (NASDAQ:GLUE)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a report released on Thursday,RTT News reports. They currently have a $15.00 price target on the stock. Wedbush’s price objective suggests a potential upside of 57.40% from the stock’s previous close.

Separately, Wells Fargo & Company lowered their price target on 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 Up 0.8 %

Shares of GLUE stock traded up $0.08 during trading hours on Thursday, reaching $9.53. 1,129,921 shares of the stock traded hands, compared to its average volume of 747,849. The firm has a market capitalization of $584.86 million, a PE ratio of -4.25 and a beta of 1.30. Monte Rosa Therapeutics has a 1-year low of $2.91 and a 1-year high of $12.40. The business has a fifty day moving average price of $6.12 and a 200 day moving average price of $5.11.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced its earnings results on Thursday, August 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.07. The firm had revenue of $4.70 million for the quarter, compared to analyst estimates of $3.20 million. Research analysts expect that Monte Rosa Therapeutics will post -1.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Monte Rosa Therapeutics

In other Monte Rosa Therapeutics news, major shareholder Versant Venture Capital Vi, L. sold 9,269 shares of Monte Rosa Therapeutics stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.16, for a total transaction of $57,097.04. Following the completion of 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 1,773,722 shares of company stock worth $11,573,438. 6.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Monte Rosa Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in GLUE. Vanguard Group Inc. increased its holdings in Monte Rosa Therapeutics by 3.0% in the first quarter. Vanguard Group Inc. now owns 1,635,829 shares of the company’s stock worth $11,533,000 after buying an additional 47,412 shares during the last quarter. Acadian Asset Management LLC grew its position in Monte Rosa Therapeutics by 92.5% in the first quarter. Acadian Asset Management LLC now owns 55,548 shares of the company’s stock worth $390,000 after acquiring an additional 26,687 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Monte Rosa Therapeutics during the 1st quarter worth $112,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Monte Rosa Therapeutics by 3.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,096,787 shares of the company’s stock valued at $35,933,000 after purchasing an additional 155,880 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Monte Rosa Therapeutics by 16.9% in the 2nd 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 during the last quarter. 79.96% of the stock is owned by hedge funds and other institutional investors.

Monte Rosa Therapeutics Company Profile

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.