Shares of Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE – Get Free Report) traded up 8% during mid-day trading on Monday. The company traded as high as $10.34 and last traded at $10.5150. Approximately 349,287 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 1,360,985 shares. The stock had previously closed at $9.74.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on the stock. HC Wainwright began coverage on shares of Monte Rosa Therapeutics in a research report on Thursday, October 1st. They issued a “buy” rating and a $25.00 price objective on the stock. Wells Fargo & Company lowered their target price on shares of Monte Rosa Therapeutics from $29.00 to $27.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Guggenheim reissued a “buy” rating and issued a $28.00 target price on shares of Monte Rosa Therapeutics in a report on Tuesday, August 25th. Wedbush restated an “outperform” rating and issued a $27.00 price target on shares of Monte Rosa Therapeutics in a research note on Wednesday, September 9th. Finally, TD Cowen raised Monte Rosa Therapeutics to a “strong-buy” rating in a report on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $26.67.
View Our Latest Analysis on GLUE
Monte Rosa Therapeutics Stock Up 8.0%
The firm has a market capitalization of $897.07 million, a price-to-earnings ratio of -5.97 and a beta of 1.37. The company has a fifty day moving average price of $12.97 and a two-hundred day moving average price of $17.33.
Monte Rosa Therapeutics (NASDAQ:GLUE – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.05). The business had revenue of $8.97 million during the quarter, compared to analyst estimates of $12.91 million. Monte Rosa Therapeutics had a negative net margin of 560.85% and a negative return on equity of 43.31%. On average, equities analysts anticipate that Monte Rosa Therapeutics, Inc. will post -1.23 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of the stock. Alphabet Inc. acquired a new stake in shares of Monte Rosa Therapeutics during the second quarter worth $9,014,000. Bank of America Corp DE acquired a new position in Monte Rosa Therapeutics in the 2nd quarter valued at $6,160,000. The Manufacturers Life Insurance Company increased its stake in Monte Rosa Therapeutics by 55.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 209,801 shares of the company’s stock valued at $3,451,000 after buying an additional 75,127 shares during the period. Bank of New York Mellon Corp acquired a new position in Monte Rosa Therapeutics in the 2nd quarter valued at $5,385,000. Finally, Janus Henderson Group PLC purchased a new position in Monte Rosa Therapeutics during the 1st quarter worth $11,294,000. Institutional investors and hedge funds 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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