Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Short Interest Update

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 3,270,000 shares, an increase of 6.9% from the August 31st total of 3,060,000 shares. Based on an average trading volume of 279,500 shares, the short-interest ratio is currently 11.7 days. Currently, 7.5% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Piper Sandler reiterated an “overweight” rating and set a $16.00 price target on shares of Monte Rosa Therapeutics in a report on Friday, June 28th. Wells Fargo & Company cut their target price on Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating on the stock in a report on Monday, August 12th. Finally, Wedbush reissued an “outperform” rating and issued a $11.00 price target on shares of Monte Rosa Therapeutics in a research note on Thursday, September 12th.

Monte Rosa Therapeutics Price Performance

Shares of GLUE traded up $0.13 during trading hours on Monday, hitting $5.30. 229,009 shares of the stock were exchanged, compared to its average volume of 212,734. Monte Rosa Therapeutics has a fifty-two week low of $2.44 and a fifty-two week high of $8.84. The business has a 50-day moving average of $5.32 and a 200-day moving average of $5.22. The firm has a market capitalization of $267.71 million, a P/E ratio of -1.97 and a beta of 1.44.

Monte Rosa Therapeutics (NASDAQ:GLUE) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.07. The business had revenue of $4.70 million during the quarter, compared to the consensus estimate of $3.20 million. As a group, analysts forecast that Monte Rosa Therapeutics will post -1.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Versant Venture Capital Vi, L. sold 9,269 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $6.16, for a total transaction of $57,097.04. Following the completion of the transaction, the insider now directly owns 6,231,902 shares in the company, valued at approximately $38,388,516.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 1,685,342 shares of company stock worth $10,710,301. Corporate insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Monte Rosa Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its position in Monte Rosa Therapeutics by 3.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,096,787 shares of the company’s stock valued at $35,933,000 after buying an additional 155,880 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Monte Rosa Therapeutics by 3.0% during the first quarter. Vanguard Group Inc. now owns 1,635,829 shares of the company’s stock valued at $11,533,000 after acquiring an additional 47,412 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Monte Rosa Therapeutics by 108.6% during the second quarter. Renaissance Technologies LLC now owns 254,714 shares of the company’s stock worth $953,000 after purchasing an additional 132,614 shares during the period. Dimensional Fund Advisors LP lifted its holdings 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 purchasing an additional 81,083 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Monte Rosa Therapeutics by 16.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 109,864 shares of the company’s stock valued at $411,000 after purchasing an additional 15,845 shares during the period. 79.96% of the stock is currently owned by institutional investors.

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.