Monte Rosa Therapeutics (NASDAQ:GLUE) Shares Down 3.3%

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) shares traded down 3.3% during trading on Wednesday . The company traded as low as $5.44 and last traded at $5.63. 213,440 shares traded hands during trading, an increase of 11% from the average session volume of 192,108 shares. The stock had previously closed at $5.82.

Analyst Upgrades and Downgrades

GLUE has been the topic of several recent research reports. Piper Sandler reiterated an “overweight” rating and issued a $16.00 price objective on shares of Monte Rosa Therapeutics in a research report on Friday, June 28th. Wedbush reiterated an “outperform” rating and set a $11.00 price objective on shares of Monte Rosa Therapeutics in a research report on Wednesday, May 22nd. Finally, Wells Fargo & Company reduced their target price on shares of Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating on the stock in a report on Monday, August 12th.

Monte Rosa Therapeutics Stock Down 3.3 %

The firm has a market cap of $284.38 million, a price-to-earnings ratio of -2.23 and a beta of 1.39. The firm has a fifty day moving average price of $4.69 and a 200-day moving average price of $5.25.

Monte Rosa Therapeutics (NASDAQ:GLUE) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.07. The business had revenue of $4.70 million during the quarter, compared to analysts’ expectations of $3.20 million. Equities research analysts anticipate that Monte Rosa Therapeutics, Inc. will post -1.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Large investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. purchased a new position in shares of Monte Rosa Therapeutics in the 2nd quarter worth $38,000. EntryPoint Capital LLC acquired a new stake in Monte Rosa Therapeutics during the 1st quarter worth approximately $112,000. American Century Companies Inc. raised its holdings in Monte Rosa Therapeutics by 46.0% in the second quarter. American Century Companies Inc. now owns 49,410 shares of the company’s stock valued at $185,000 after buying an additional 15,562 shares during the period. Acadian Asset Management LLC lifted its position in Monte Rosa Therapeutics by 77.4% during the second quarter. Acadian Asset Management LLC now owns 98,557 shares of the company’s stock valued at $366,000 after buying an additional 43,009 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Monte Rosa Therapeutics by 16.9% during the second quarter. Bank of New York Mellon Corp now owns 109,864 shares of the company’s stock worth $411,000 after buying an additional 15,845 shares during the period. Hedge funds and other institutional investors own 79.96% of the company’s stock.

About Monte Rosa Therapeutics

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.