Monte Rosa Therapeutics (NASDAQ:GLUE) Shares Up 8.7% – Still a Buy?

Shares of Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) were up 8.7% during mid-day trading on Friday . The company traded as high as $9.64 and last traded at $9.60. Approximately 117,614 shares changed hands during trading, a decline of 85% from the average daily volume of 775,076 shares. The stock had previously closed at $8.83.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wedbush reaffirmed an “outperform” rating and set a $15.00 target price on shares of Monte Rosa Therapeutics in a research report on Thursday, November 7th. Wells Fargo & Company lowered their price target on shares of Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating on the stock in a report on Monday, August 12th.

Monte Rosa Therapeutics Stock Performance

The business’s 50 day moving average price is $7.37 and its 200 day moving average price is $5.63. The firm has a market cap of $596.55 million, a price-to-earnings ratio of -4.83 and a beta of 1.37.

Monte Rosa Therapeutics (NASDAQ:GLUE) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.16. The business had revenue of $9.22 million for the quarter, compared to analysts’ expectations of $4.54 million. Sell-side analysts anticipate that Monte Rosa Therapeutics, Inc. will post -1.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Monte Rosa Therapeutics

In other Monte Rosa Therapeutics news, major shareholder Versant Venture Capital Vi, L. sold 541,897 shares of Monte Rosa Therapeutics stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.00, for a total value of $3,251,382.00. Following the sale, the insider now owns 6,257,218 shares in the company, valued at $37,543,308. The trade was a 7.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 1,773,722 shares of company stock worth $11,573,438 in the last three months. 6.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of GLUE. Renaissance Technologies LLC lifted its holdings in Monte Rosa Therapeutics by 108.6% during the 2nd quarter. Renaissance Technologies LLC now owns 254,714 shares of the company’s stock worth $953,000 after buying an additional 132,614 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Monte Rosa Therapeutics by 46.0% in the second quarter. American Century Companies Inc. now owns 49,410 shares of the company’s stock valued at $185,000 after acquiring an additional 15,562 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Monte Rosa Therapeutics by 111.6% in the second quarter. Dimensional Fund Advisors LP now owns 153,758 shares of the company’s stock valued at $575,000 after purchasing an additional 81,083 shares during the period. Vanguard Group Inc. grew its stake in Monte Rosa Therapeutics by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 1,635,829 shares of the company’s stock worth $11,533,000 after purchasing an additional 47,412 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Monte Rosa Therapeutics during the 3rd quarter worth about $55,000. 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.