Wells Fargo & Company Issues Positive Forecast for Monte Rosa Therapeutics (NASDAQ:GLUE) Stock Price

Monte Rosa Therapeutics (NASDAQ:GLUE) had its price objective increased by Wells Fargo & Company from $10.00 to $13.00 in a research note published on Friday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Separately, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Monte Rosa Therapeutics in a research note on Friday, October 31st. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $16.33.

Monte Rosa Therapeutics Stock Down 5.4%

Shares of GLUE stock traded down $0.70 on Friday, reaching $12.31. The company had a trading volume of 729,870 shares, compared to its average volume of 1,336,971. The business’s 50-day moving average is $8.43 and its 200 day moving average is $6.02. Monte Rosa Therapeutics has a one year low of $3.50 and a one year high of $13.59. The stock has a market capitalization of $760.25 million, a PE ratio of 38.47 and a beta of 1.62.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.06. Monte Rosa Therapeutics had a net margin of 11.54% and a return on equity of 8.20%. The company had revenue of $12.77 million for the quarter, compared to analyst estimates of $7.37 million. On average, sell-side analysts forecast that Monte Rosa Therapeutics will post -1.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its position in Monte Rosa Therapeutics by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 119,836 shares of the company’s stock valued at $540,000 after acquiring an additional 2,529 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Monte Rosa Therapeutics by 42.9% in the 2nd quarter. Lazard Asset Management LLC now owns 10,857 shares of the company’s stock valued at $48,000 after purchasing an additional 3,262 shares during the period. Intech Investment Management LLC boosted its position in shares of Monte Rosa Therapeutics by 35.4% during the 2nd quarter. Intech Investment Management LLC now owns 29,870 shares of the company’s stock valued at $135,000 after purchasing an additional 7,808 shares in the last quarter. Wealth Effects LLC bought a new stake in shares of Monte Rosa Therapeutics during the 3rd quarter valued at about $75,000. Finally, Brighton Jones LLC acquired a new stake in Monte Rosa Therapeutics during the second quarter worth approximately $48,000. Institutional investors and hedge funds 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.