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

Monte Rosa Therapeutics (NASDAQ:GLUE)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a report released on Thursday, MarketBeat.com reports. They presently have a $17.00 price target on the stock, up from their prior price target of $15.00. Wedbush’s target price suggests a potential upside of 193.10% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. Lifesci Capital initiated coverage on shares of Monte Rosa Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $19.00 price target on the stock. Wells Fargo & Company lowered shares of Monte Rosa Therapeutics from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $14.00 to $11.00 in a report on Thursday, December 19th.

Monte Rosa Therapeutics Stock Performance

Shares of NASDAQ GLUE opened at $5.80 on Thursday. Monte Rosa Therapeutics has a 1 year low of $3.21 and a 1 year high of $12.40. The firm’s 50 day moving average price is $6.18 and its 200 day moving average price is $6.77. The firm has a market cap of $356.33 million, a P/E ratio of -3.17 and a beta of 1.50.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced its quarterly earnings results on Thursday, March 20th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.60. The company had revenue of $14.00 million during the quarter, compared to analyst estimates of $43.73 million. As a group, equities analysts predict that Monte Rosa Therapeutics will post -1.49 EPS for the current year.

Hedge Funds Weigh In On Monte Rosa Therapeutics

A number of hedge funds have recently made changes to their positions in GLUE. Versant Venture Management LLC purchased a new position in shares of Monte Rosa Therapeutics in the 4th quarter valued at $39,231,000. BVF Inc. IL purchased a new stake in Monte Rosa Therapeutics during the 4th quarter worth $19,185,000. Vanguard Group Inc. increased its stake in Monte Rosa Therapeutics by 24.5% during the 4th quarter. Vanguard Group Inc. now owns 3,156,354 shares of the company’s stock worth $21,905,000 after buying an additional 622,134 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Monte Rosa Therapeutics by 7.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,116,637 shares of the company’s stock worth $49,391,000 after buying an additional 515,496 shares during the period. Finally, Norges Bank purchased a new stake in Monte Rosa Therapeutics during the 4th quarter worth $3,094,000. 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.