Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Sees Significant Growth in Short Interest

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 3,270,000 shares, a growth of 6.9% from the August 31st total of 3,060,000 shares. Currently, 7.5% of the company’s stock are sold short. Based on an average trading volume of 279,500 shares, the days-to-cover ratio is presently 11.7 days.

Monte Rosa Therapeutics Stock Up 2.5 %

Monte Rosa Therapeutics stock traded up $0.13 during midday trading on Monday, reaching $5.30. The stock had a trading volume of 229,009 shares, compared to its average volume of 212,734. The firm has a market capitalization of $267.71 million, a PE ratio of -1.97 and a beta of 1.44. Monte Rosa Therapeutics has a 12 month low of $2.44 and a 12 month high of $8.84. The firm’s 50-day moving average price is $5.32 and its 200 day moving average price is $5.22.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.07. The business had revenue of $4.70 million for the quarter, compared to analysts’ expectations of $3.20 million. Equities research analysts expect that Monte Rosa Therapeutics will post -1.89 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Versant Venture Capital Vi, L. sold 9,269 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $6.16, for a total transaction of $57,097.04. Following the transaction, the insider now directly owns 6,231,902 shares in the company, valued at $38,388,516.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 1,685,342 shares of company stock valued at $10,710,301 in the last three months. 6.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Several hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its stake in Monte Rosa Therapeutics by 3.2% in 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 purchasing an additional 155,880 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Monte Rosa Therapeutics by 108.6% in the second quarter. Renaissance Technologies LLC now owns 254,714 shares of the company’s stock worth $953,000 after buying an additional 132,614 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Monte Rosa Therapeutics by 111.6% in the second 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 during the period. Vanguard Group Inc. grew 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 valued at $11,533,000 after acquiring an additional 47,412 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in Monte Rosa Therapeutics by 77.4% during the second 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 in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on GLUE shares. Wells Fargo & Company cut their price target on shares of Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating on the stock in a report on Monday, August 12th. Piper Sandler reissued an “overweight” rating and set a $16.00 target price on shares of Monte Rosa Therapeutics in a research report on Friday, June 28th. Finally, Wedbush restated an “outperform” rating and set a $11.00 price target on shares of Monte Rosa Therapeutics in a research note on Thursday, September 12th.

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.