Monte Rosa Therapeutics (NASDAQ:GLUE) Stock Price Down 3.3%

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on GLUE shares. Piper Sandler reissued an “overweight” rating and set a $16.00 price target on shares of Monte Rosa Therapeutics in a report on Friday, June 28th. Wedbush reissued an “outperform” rating and issued a $11.00 target price on shares of Monte Rosa Therapeutics in a report on Wednesday, May 22nd. Finally, Wells Fargo & Company cut their price objective on Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating for the company in a research report on Monday, August 12th.

Monte Rosa Therapeutics Price Performance

The company has a market cap of $284.38 million, a PE ratio of -2.23 and a beta of 1.39. The stock’s 50-day moving average is $4.69 and its 200 day moving average is $5.25.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $3.20 million. On average, analysts expect that Monte Rosa Therapeutics, Inc. will post -1.89 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its stake in shares of Monte Rosa Therapeutics by 3.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,096,787 shares of the company’s stock valued at $35,933,000 after acquiring an additional 155,880 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Monte Rosa Therapeutics by 108.6% in the second quarter. Renaissance Technologies LLC now owns 254,714 shares of the company’s stock valued at $953,000 after purchasing an additional 132,614 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Monte Rosa Therapeutics by 111.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 153,758 shares of the company’s stock worth $575,000 after acquiring an additional 81,083 shares during the period. Vanguard Group Inc. lifted its position in Monte Rosa Therapeutics by 3.0% in the first quarter. Vanguard Group Inc. now owns 1,635,829 shares of the company’s stock valued at $11,533,000 after purchasing an additional 47,412 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in shares of Monte Rosa Therapeutics by 77.4% in 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. Hedge funds and other institutional investors 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.