Monte Rosa Therapeutics (NASDAQ:GLUE) Trading 6.3% Higher – Here’s What Happened

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE)’s stock price shot up 6.3% during mid-day trading on Tuesday . The company traded as high as $8.99 and last traded at $8.99. 392,766 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 757,043 shares. The stock had previously closed at $8.46.

Analyst Ratings Changes

Several research analysts recently commented on the company. Wedbush reissued an “outperform” rating and issued a $15.00 price objective on shares of Monte Rosa Therapeutics in a research note on Thursday, November 7th. Wells Fargo & Company reduced their target price 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.

Monte Rosa Therapeutics Stock Up 1.8 %

The stock has a 50-day moving average of $6.81 and a 200 day moving average of $5.39. The stock has a market cap of $529.00 million, a PE ratio of -4.62 and a beta of 1.30.

Monte Rosa Therapeutics (NASDAQ:GLUE) last posted its earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.16. The firm had revenue of $9.22 million during the quarter, compared to analyst estimates of $4.54 million. Research analysts forecast that Monte Rosa Therapeutics, Inc. will post -1.49 EPS 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 89,990 shares of Monte Rosa Therapeutics stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $9.66, for a total transaction of $869,303.40. Following the completion of the sale, the insider now directly owns 2,007,948 shares in the company, valued at $19,396,777.68. This trade represents a 4.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 1,773,722 shares of company stock worth $11,573,438 over the last quarter. 6.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Monte Rosa Therapeutics by 3.0% during the first quarter. Vanguard Group Inc. now owns 1,635,829 shares of the company’s stock worth $11,533,000 after purchasing an additional 47,412 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in 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 worth $35,933,000 after acquiring an additional 155,880 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Monte Rosa Therapeutics by 16.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 109,864 shares of the company’s stock worth $411,000 after acquiring an additional 15,845 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Monte Rosa Therapeutics by 77.4% during the 2nd quarter. Acadian Asset Management LLC now owns 98,557 shares of the company’s stock valued at $366,000 after acquiring an additional 43,009 shares during the period. Finally, American Century Companies Inc. grew its position in Monte Rosa Therapeutics by 46.0% in the 2nd quarter. American Century Companies Inc. now owns 49,410 shares of the company’s stock valued at $185,000 after acquiring an additional 15,562 shares in the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

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.