Monte Rosa Therapeutics’ (GLUE) “Outperform” Rating Reaffirmed at Wedbush

Monte Rosa Therapeutics (NASDAQ:GLUE)‘s stock had its “outperform” rating reiterated by research analysts at Wedbush in a research note issued on Thursday,RTT News reports. They currently have a $15.00 price target on the stock. Wedbush’s target price suggests a potential upside of 57.40% from the stock’s current price.

Separately, 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 report on Monday, August 12th.

Monte Rosa Therapeutics Price Performance

GLUE stock traded up $0.08 on Thursday, reaching $9.53. The company’s stock had a trading volume of 1,129,921 shares, compared to its average volume of 747,849. Monte Rosa Therapeutics has a 52 week low of $2.91 and a 52 week high of $12.40. The company has a market capitalization of $584.86 million, a P/E ratio of -4.25 and a beta of 1.30. The firm has a fifty day moving average of $6.12 and a two-hundred day moving average of $5.11.

Monte Rosa Therapeutics (NASDAQ:GLUE) last released 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 business had revenue of $4.70 million during the quarter, compared to the consensus estimate of $3.20 million. As a group, equities analysts expect that Monte Rosa Therapeutics will post -1.83 EPS for the current fiscal year.

Insider Buying and Selling

In other Monte Rosa Therapeutics news, major shareholder Versant Venture Capital Vi, L. sold 541,897 shares of the stock in a transaction on 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 transaction, the insider now directly owns 6,257,218 shares of the company’s stock, valued at approximately $37,543,308. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 1,773,722 shares of company stock valued at $11,573,438 over the last quarter. Corporate insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Several large investors have recently made changes to their positions in GLUE. Meeder Asset Management Inc. acquired a new stake in Monte Rosa Therapeutics during the second quarter valued at approximately $38,000. SG Americas Securities LLC bought a new position in shares of Monte Rosa Therapeutics in the third quarter valued at $55,000. American Century Companies Inc. lifted its position in shares of Monte Rosa Therapeutics by 46.0% during 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 during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of 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. Finally, EntryPoint Capital LLC bought a new stake in shares of Monte Rosa Therapeutics during the 1st quarter worth $112,000. Institutional investors 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.