Monte Rosa Therapeutics (NASDAQ:GLUE) Trading Up 8.7% – Should You Buy?

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) shares rose 8.7% during mid-day trading on Friday . The stock 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.

Wall Street Analysts Forecast Growth

GLUE has been the subject of a number of research reports. Wedbush reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of Monte Rosa Therapeutics in a report on Thursday, November 7th. Wells Fargo & Company decreased their price target on shares of Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating for the company in a report on Monday, August 12th.

Monte Rosa Therapeutics Stock Performance

The firm has a market cap of $578.15 million, a P/E ratio of -5.14 and a beta of 1.37. The firm has a fifty day moving average of $7.46 and a 200-day moving average of $5.66.

Monte Rosa Therapeutics (NASDAQ:GLUE) last issued its earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share 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. Equities research analysts expect that Monte Rosa Therapeutics, Inc. will post -1.49 earnings per share for the current year.

Insider Activity at Monte Rosa Therapeutics

In other Monte Rosa Therapeutics news, major shareholder Versant Venture Capital Vi, L. sold 9,269 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $6.16, for a total value of $57,097.04. Following the completion of the transaction, the insider now owns 6,231,902 shares in the company, valued at approximately $38,388,516.32. This represents a 0.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 1,773,722 shares of company stock worth $11,573,438 in the last ninety days. 6.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Meeder Asset Management Inc. bought a new stake in Monte Rosa Therapeutics during the 2nd quarter valued at $38,000. SG Americas Securities LLC acquired a new position in shares of Monte Rosa Therapeutics during the third quarter valued at $55,000. Intech Investment Management LLC acquired a new position in shares of Monte Rosa Therapeutics during the third quarter valued at $77,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Monte Rosa Therapeutics by 54.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,100 shares of the company’s stock valued at $128,000 after purchasing an additional 8,500 shares in the last quarter. Finally, MetLife Investment Management LLC acquired a new stake in Monte Rosa Therapeutics in the third quarter worth about $132,000. 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.