Monte Rosa Therapeutics (NASDAQ:GLUE) Reaches New 12-Month High – Here’s Why

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) reached a new 52-week high during trading on Wednesday . The stock traded as high as $14.40 and last traded at $14.32, with a volume of 1689623 shares trading hands. The stock had previously closed at $14.06.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on GLUE shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Monte Rosa Therapeutics in a research report on Friday, October 31st. Wells Fargo & Company raised their target price on shares of Monte Rosa Therapeutics from $10.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Friday, November 7th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Monte Rosa Therapeutics presently has an average rating of “Hold” and an average target price of $16.33.

Monte Rosa Therapeutics Stock Down 0.3%

The business’s 50 day moving average is $8.81 and its 200-day moving average is $6.16. The firm has a market capitalization of $929.46 million, a P/E ratio of 44.57 and a beta of 1.62.

Monte Rosa Therapeutics (NASDAQ:GLUE) last posted its earnings results on Thursday, November 6th. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.06. The firm had revenue of $12.77 million during the quarter, compared to analysts’ expectations of $7.37 million. Monte Rosa Therapeutics had a net margin of 11.54% and a return on equity of 8.28%. Research analysts forecast that Monte Rosa Therapeutics, Inc. will post -1.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Readystate Asset Management LP bought a new position in shares of Monte Rosa Therapeutics in the first quarter valued at $1,332,000. Invesco Ltd. grew its holdings in shares of Monte Rosa Therapeutics by 175.1% in the first quarter. Invesco Ltd. now owns 35,346 shares of the company’s stock valued at $164,000 after acquiring an additional 22,499 shares in the last quarter. Nuveen LLC bought a new stake in Monte Rosa Therapeutics during the first quarter worth $546,000. Fox Run Management L.L.C. purchased a new stake in shares of Monte Rosa Therapeutics during the 1st quarter valued at $127,000. Finally, American Century Companies Inc. grew its position in Monte Rosa Therapeutics by 30.7% during the first quarter. American Century Companies Inc. now owns 100,406 shares of the company’s stock valued at $466,000 after buying an additional 23,556 shares during the period. 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.