Wedbush Reaffirms Outperform Rating for Monte Rosa Therapeutics (NASDAQ:GLUE)

Monte Rosa Therapeutics (NASDAQ:GLUE)‘s stock had its “outperform” rating reissued by analysts at Wedbush in a research note issued on Thursday, Marketbeat reports. They currently have a $17.00 price objective on the stock, up from their prior price objective of $15.00. Wedbush’s price target points to a potential upside of 193.10% from the stock’s previous close.

A number of other research firms also recently commented on GLUE. Wells Fargo & Company downgraded shares of Monte Rosa Therapeutics from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $14.00 to $11.00 in a report on Thursday, December 19th. Lifesci Capital assumed coverage on shares of Monte Rosa Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating and a $19.00 price objective on the stock.

Monte Rosa Therapeutics Stock Down 17.8 %

Shares of Monte Rosa Therapeutics stock opened at $5.80 on Thursday. The firm has a market cap of $356.33 million, a price-to-earnings ratio of -3.17 and a beta of 1.50. Monte Rosa Therapeutics has a 52-week low of $3.21 and a 52-week high of $12.40. The company’s 50-day simple moving average is $6.18 and its 200-day simple moving average is $6.77.

Monte Rosa Therapeutics (NASDAQ:GLUE) last released its quarterly earnings data on Thursday, March 20th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.60. The company had revenue of $14.00 million for the quarter, compared to analysts’ expectations of $43.73 million. Equities research analysts anticipate that Monte Rosa Therapeutics will post -1.49 EPS for the current year.

Institutional Trading of Monte Rosa Therapeutics

Large investors have recently modified their holdings of the business. Tower Research Capital LLC TRC grew its position in shares of Monte Rosa Therapeutics by 192.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,443 shares of the company’s stock valued at $38,000 after purchasing an additional 3,584 shares during the last quarter. GAMMA Investing LLC boosted its position in Monte Rosa Therapeutics by 10,665.5% during the fourth quarter. GAMMA Investing LLC now owns 5,921 shares of the company’s stock worth $41,000 after acquiring an additional 5,866 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Monte Rosa Therapeutics during the fourth quarter worth approximately $43,000. Virtus ETF Advisers LLC acquired a new stake in Monte Rosa Therapeutics during the fourth quarter worth approximately $63,000. Finally, Intech Investment Management LLC acquired a new stake in Monte Rosa Therapeutics during the third quarter worth approximately $77,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

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.