Short Interest in Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Drops By 12.6%

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) was the recipient of a large drop in short interest in March. As of March 15th, there was short interest totalling 7,030,000 shares, a drop of 12.6% from the February 28th total of 8,040,000 shares. Currently, 15.3% of the shares of the company are short sold. Based on an average daily trading volume, of 805,300 shares, the days-to-cover ratio is presently 8.7 days.

Insiders Place Their Bets

In other Monte Rosa Therapeutics news, Director Chandra P. Leo purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was bought at an average cost of $5.84 per share, with a total value of $58,400.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at $58,400. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Several hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC increased its holdings in Monte Rosa Therapeutics by 192.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,443 shares of the company’s stock worth $38,000 after acquiring an additional 3,584 shares during the period. GAMMA Investing LLC increased its holdings in shares of Monte Rosa Therapeutics by 10,665.5% in the fourth quarter. GAMMA Investing LLC now owns 5,921 shares of the company’s stock worth $41,000 after purchasing an additional 5,866 shares during the period. BNP Paribas Financial Markets purchased a new stake in shares of Monte Rosa Therapeutics in the fourth quarter worth $43,000. Virtus ETF Advisers LLC bought a new stake in Monte Rosa Therapeutics during the fourth quarter valued at $63,000. Finally, Focus Partners Wealth purchased a new position in Monte Rosa Therapeutics during the fourth quarter worth about $77,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Monte Rosa Therapeutics Stock Down 4.5 %

NASDAQ GLUE opened at $4.43 on Wednesday. The company has a market cap of $272.49 million, a PE ratio of -2.42 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 firm’s 50-day simple moving average is $6.10 and its two-hundred day simple moving average is $6.74.

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

Analyst Upgrades and Downgrades

GLUE has been the subject of several research analyst reports. Wedbush reaffirmed an “outperform” rating and set a $17.00 target price (up from $15.00) on shares of Monte Rosa Therapeutics in a research report on Thursday, March 20th. Lifesci Capital began 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 for the company. Finally, Wells Fargo & Company dropped their target price on shares of Monte Rosa Therapeutics from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Friday, March 21st.

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.