Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Stake Cut by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC cut its position in shares of Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) by 16.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,798 shares of the company’s stock after selling 5,888 shares during the quarter. Exchange Traded Concepts LLC owned 0.06% of Monte Rosa Therapeutics worth $158,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased 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 worth $11,533,000 after buying an additional 47,412 shares during the period. Acadian Asset Management LLC increased its position in Monte Rosa Therapeutics by 92.5% in the first quarter. Acadian Asset Management LLC now owns 55,548 shares of the company’s stock worth $390,000 after buying an additional 26,687 shares during the period. EntryPoint Capital LLC acquired a new stake in Monte Rosa Therapeutics in the first quarter worth $112,000. Price T Rowe Associates Inc. MD increased its position in 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 worth $35,933,000 after buying an additional 155,880 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Monte Rosa Therapeutics by 16.9% in 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. 79.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wells Fargo & Company dropped their target price on Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating on the stock in a research report on Monday, August 12th. 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. Finally, Wedbush reissued an “outperform” rating and set a $11.00 price target on shares of Monte Rosa Therapeutics in a report on Thursday, September 12th.

Insider Buying and Selling

In related news, major shareholder Versant Venture Capital Vi, L. sold 1,132,566 shares of Monte Rosa Therapeutics stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $6.53, for a total transaction of $7,395,655.98. Following the transaction, the insider now directly owns 5,099,336 shares of the company’s stock, valued at $33,298,664.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 1,683,732 shares of company stock valued at $10,704,135 over the last three months. Company insiders own 6.50% of the company’s stock.

Monte Rosa Therapeutics Stock Performance

Shares of GLUE opened at $5.45 on Tuesday. The firm has a market capitalization of $275.29 million, a price-to-earnings ratio of -2.16 and a beta of 1.43. Monte Rosa Therapeutics, Inc. has a one year low of $2.44 and a one year high of $8.84. The stock’s fifty day moving average is $5.63 and its 200-day moving average is $5.01.

Monte Rosa Therapeutics (NASDAQ:GLUE) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates 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. Analysts forecast that Monte Rosa Therapeutics, Inc. will post -1.89 EPS for the current fiscal year.

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.