Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE – Get Free Report)’s share price shot up 4.4% during trading on Wednesday. The stock traded as high as $10.20 and last traded at $10.3090. Approximately 148,530 shares traded hands during trading, a decline of 89% from the average session volume of 1,345,794 shares. The stock had previously closed at $9.87.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of Monte Rosa Therapeutics in a research report on Monday, July 27th. Weiss Ratings cut shares of Monte Rosa Therapeutics from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. TD Cowen raised shares of Monte Rosa Therapeutics to a “strong-buy” rating in a research note on Monday, August 24th. Wells Fargo & Company cut their price objective on shares of Monte Rosa Therapeutics from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Finally, HC Wainwright assumed coverage on shares of Monte Rosa Therapeutics in a research note on Thursday, October 1st. They set a “buy” rating and a $25.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.62.
Check Out Our Latest Report on GLUE
Monte Rosa Therapeutics Stock Up 1.5%
Monte Rosa Therapeutics (NASDAQ:GLUE – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.05). The firm had revenue of $8.97 million during the quarter, compared to the consensus estimate of $12.91 million. Monte Rosa Therapeutics had a negative return on equity of 43.31% and a negative net margin of 560.85%. Sell-side analysts anticipate that Monte Rosa Therapeutics, Inc. will post -1.23 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Monte Rosa Therapeutics
Several institutional investors and hedge funds have recently made changes to their positions in GLUE. BlackRock Inc. purchased a new stake in Monte Rosa Therapeutics during the 2nd quarter valued at $165,603,000. Jupiter Topco LLC purchased a new position in shares of Monte Rosa Therapeutics in the second quarter worth $25,965,000. Opaleye Management Inc. purchased a new position in shares of Monte Rosa Therapeutics in the second quarter worth $18,029,000. Janus Henderson Group PLC purchased a new position in shares of Monte Rosa Therapeutics in the first quarter worth $11,294,000. Finally, Nantahala Capital Management LLC bought a new position in shares of Monte Rosa Therapeutics during the second quarter valued at $15,778,231. Institutional investors own 79.96% of the company’s stock.
Monte Rosa Therapeutics Company Profile
Monte Rosa Therapeutics, Inc is a clinical-stage biotechnology company focused on developing medicines that selectively eliminate disease-causing proteins. The company uses its proprietary molecular glue degrader platform to identify small molecules that recruit targeted proteins to the cell’s natural protein-disposal machinery, potentially addressing proteins that have been difficult to treat with conventional drugs.
Monte Rosa’s pipeline is centered primarily on autoimmune and inflammatory diseases, as well as other serious conditions.
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