Monte Rosa Therapeutics (NASDAQ:GLUE) Reaches New 52-Week High – Time to Buy?

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $11.10 and last traded at $10.53, with a volume of 51712770 shares trading hands. The stock had previously closed at $4.89.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Wedbush reiterated an “outperform” rating and issued a $11.00 price objective on shares of Monte Rosa Therapeutics in a report on Thursday, September 12th. 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 report on Monday, August 12th.

Monte Rosa Therapeutics Stock Performance

The company has a market capitalization of $478.85 million, a price-to-earnings ratio of -4.36 and a beta of 1.43. The firm’s 50-day simple moving average is $5.65 and its 200-day simple moving average is $4.94.

Monte Rosa Therapeutics (NASDAQ:GLUE) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.50) by $0.07. The company had revenue of $4.70 million during the quarter, compared to analyst estimates of $3.20 million. Equities research analysts forecast that Monte Rosa Therapeutics, Inc. will post -1.89 earnings per share for the current year.

Insiders Place Their Bets

In other Monte Rosa Therapeutics 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 shares were sold at an average price of $6.16, for a total value of $57,097.04. Following the sale, the insider now directly owns 6,231,902 shares in the company, valued at $38,388,516.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 1,683,732 shares of company stock worth $10,704,135 in the last ninety days. Insiders own 6.50% of the company’s stock.

Institutional Trading of Monte Rosa Therapeutics

Several institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its position 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 acquiring an additional 155,880 shares in the last quarter. Vanguard Group Inc. raised its position in Monte Rosa Therapeutics by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 1,635,829 shares of the company’s stock valued at $11,533,000 after purchasing an additional 47,412 shares during 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 purchasing an additional 132,614 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Monte Rosa Therapeutics by 111.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 153,758 shares of the company’s stock valued at $575,000 after purchasing an additional 81,083 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in 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 currently owned by institutional investors and hedge funds.

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.