Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Short Interest Down 8.2% in March

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) was the target of a significant decrease in short interest in the month of March. As of March 31st, there was short interest totalling 1,680,000 shares, a decrease of 8.2% from the March 15th total of 1,830,000 shares. Currently, 5.3% of the company’s shares are sold short. Based on an average trading volume of 150,300 shares, the days-to-cover ratio is presently 11.2 days.

Wall Street Analyst Weigh In

Separately, Wedbush initiated coverage on Monte Rosa Therapeutics in a research report on Thursday, February 15th. They issued an “outperform” rating and a $11.00 price objective for the company.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Metropolitan Life Insurance Co NY bought a new stake in shares of Monte Rosa Therapeutics in the 1st quarter valued at about $30,000. Ameritas Investment Partners Inc. increased its stake in Monte Rosa Therapeutics by 152.6% in the first quarter. Ameritas Investment Partners Inc. now owns 2,241 shares of the company’s stock valued at $31,000 after purchasing an additional 1,354 shares in the last quarter. Royal Bank of Canada raised its holdings in Monte Rosa Therapeutics by 68.8% in the second quarter. Royal Bank of Canada now owns 3,688 shares of the company’s stock worth $25,000 after purchasing an additional 1,503 shares during the period. Legal & General Group Plc boosted its position in shares of Monte Rosa Therapeutics by 38.7% during the second quarter. Legal & General Group Plc now owns 6,924 shares of the company’s stock worth $67,000 after purchasing an additional 1,931 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of Monte Rosa Therapeutics by 556.9% during the fourth quarter. Barclays PLC now owns 7,988 shares of the company’s stock worth $61,000 after purchasing an additional 6,772 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Monte Rosa Therapeutics Stock Down 7.8 %

GLUE stock traded down $0.51 during midday trading on Tuesday, reaching $6.06. The company’s stock had a trading volume of 125,484 shares, compared to its average volume of 150,186. The business’s 50-day simple moving average is $6.36 and its 200-day simple moving average is $5.12. Monte Rosa Therapeutics has a 52 week low of $2.44 and a 52 week high of $8.84. The stock has a market cap of $303.91 million, a PE ratio of -2.30 and a beta of 1.45.

Monte Rosa Therapeutics (NASDAQ:GLUE) last posted its quarterly earnings results on Thursday, March 14th. The company reported ($0.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.01). As a group, equities analysts forecast that Monte Rosa Therapeutics will post -2.25 earnings per share for the current fiscal year.

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.