Wells Fargo & Company Cuts Monte Rosa Therapeutics (NASDAQ:GLUE) Price Target to $10.00

Monte Rosa Therapeutics (NASDAQ:GLUE) had its price objective lowered by Wells Fargo & Company from $11.00 to $10.00 in a report released on Friday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other equities analysts also recently weighed in on GLUE. Wedbush restated an “outperform” rating and set a $17.00 price target (up from $15.00) on shares of Monte Rosa Therapeutics in a report on Thursday. Lifesci Capital started coverage on Monte Rosa Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating and a $19.00 price target for the company.

Monte Rosa Therapeutics Trading Down 17.8 %

GLUE opened at $5.80 on Friday. The stock has a fifty day simple moving average of $6.18 and a two-hundred day simple moving average of $6.77. The company 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 12-month low of $3.21 and a 12-month high of $12.40.

Monte Rosa Therapeutics (NASDAQ:GLUE) last issued its quarterly earnings results on Thursday, March 20th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.60. The company had revenue of $14.00 million for the quarter, compared to the consensus estimate of $43.73 million. On average, analysts predict that Monte Rosa Therapeutics will post -1.49 EPS for the current year.

Institutional Investors Weigh In On Monte Rosa Therapeutics

Several institutional investors have recently modified their holdings of the business. Squarepoint Ops LLC purchased a new stake in shares of Monte Rosa Therapeutics during the fourth quarter valued at $220,000. Two Sigma Advisers LP purchased a new stake in shares of Monte Rosa Therapeutics during the fourth quarter valued at $180,000. Two Sigma Investments LP boosted its position in Monte Rosa Therapeutics by 1,965.1% in the fourth quarter. Two Sigma Investments LP now owns 278,785 shares of the company’s stock worth $1,935,000 after purchasing an additional 265,285 shares during the last quarter. Rafferty Asset Management LLC purchased a new position in Monte Rosa Therapeutics in the fourth quarter worth about $192,000. Finally, ProShare Advisors LLC purchased a new position in Monte Rosa Therapeutics in the fourth quarter worth about $101,000. 79.96% of the stock is 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.