Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Sees Large Growth in Short Interest

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) was the recipient of a significant increase in short interest in December. As of December 31st, there was short interest totalling 9,140,000 shares, an increase of 8.8% from the December 15th total of 8,400,000 shares. Based on an average daily trading volume, of 2,760,000 shares, the days-to-cover ratio is presently 3.3 days. Approximately 19.9% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GLUE. Wells Fargo & Company lowered shares of Monte Rosa Therapeutics from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $14.00 to $11.00 in a report on Thursday, December 19th. Wedbush reiterated an “outperform” rating and issued a $15.00 price objective on shares of Monte Rosa Therapeutics in a research report on Thursday, November 7th.

Monte Rosa Therapeutics Price Performance

NASDAQ GLUE opened at $5.66 on Tuesday. The stock has a market capitalization of $347.75 million, a P/E ratio of -3.09 and a beta of 1.47. The firm’s 50-day moving average is $7.68 and its two-hundred day moving average is $6.35. Monte Rosa Therapeutics has a 12 month low of $3.21 and a 12 month high of $12.40.

Monte Rosa Therapeutics (NASDAQ:GLUE) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.16. The company had revenue of $9.22 million during the quarter, compared to analyst estimates of $4.54 million. As a group, analysts anticipate that Monte Rosa Therapeutics will post -1.49 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Versant Venture Capital Vi, L. sold 89,990 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $9.66, for a total value of $869,303.40. Following the completion of the sale, the insider now owns 2,007,948 shares of the company’s stock, valued at approximately $19,396,777.68. This represents a 4.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 6.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in Monte Rosa Therapeutics by 10,665.5% during the 4th quarter. GAMMA Investing LLC now owns 5,921 shares of the company’s stock valued at $41,000 after acquiring an additional 5,866 shares during the period. SG Americas Securities LLC purchased a new stake in Monte Rosa Therapeutics during the 3rd quarter worth approximately $55,000. Intech Investment Management LLC acquired a new stake in Monte Rosa Therapeutics during the 3rd quarter worth approximately $77,000. Janney Montgomery Scott LLC purchased a new position in Monte Rosa Therapeutics in the 4th quarter valued at approximately $92,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Monte Rosa Therapeutics by 38.2% in the third quarter. JPMorgan Chase & Co. now owns 18,543 shares of the company’s stock worth $98,000 after acquiring an additional 5,125 shares in the last quarter. 79.96% of the stock is currently owned by hedge funds and other 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.