Wedbush Reaffirms “Outperform” Rating for Monte Rosa Therapeutics (NASDAQ:GLUE)

Wedbush restated their outperform rating on shares of Monte Rosa Therapeutics (NASDAQ:GLUE) in a research report report published on Thursday morning, Benzinga reports. The brokerage currently has a $11.00 price target on the stock.

Other analysts also recently issued research reports about the company. Piper Sandler restated an overweight rating and set a $16.00 target price on shares of Monte Rosa Therapeutics in a research note on Friday, June 28th. Wells Fargo & Company dropped their target price on 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

Shares of GLUE stock opened at $6.08 on Thursday. Monte Rosa Therapeutics has a fifty-two week low of $2.44 and a fifty-two week high of $8.84. The stock’s 50-day moving average is $5.02 and its two-hundred day moving average is $5.25. The firm has a market cap of $307.11 million, a P/E ratio of -2.41 and a beta of 1.44.

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

Insider Activity

In other news, major shareholder Versant Venture Capital Vi, L. sold 9,269 shares of Monte Rosa Therapeutics stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.16, for a total value of $57,097.04. Following the completion of the sale, the insider now directly owns 6,231,902 shares of the company’s stock, valued at approximately $38,388,516.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders sold 552,776 shares of company stock valued at $3,314,645. Company insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Monte Rosa Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its position in shares of 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 last quarter. Acadian Asset Management LLC boosted its position in shares of Monte Rosa Therapeutics by 92.5% in the 1st quarter. Acadian Asset Management LLC now owns 55,548 shares of the company’s stock worth $390,000 after purchasing an additional 26,687 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Monte Rosa Therapeutics by 3.0% in the 1st 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 during the last quarter. EntryPoint Capital LLC bought a new position in shares of Monte Rosa Therapeutics in the 1st quarter worth $112,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Monte Rosa Therapeutics by 111.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 153,758 shares of the company’s stock worth $575,000 after purchasing an additional 81,083 shares during the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

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.