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

Monte Rosa Therapeutics (NASDAQ:GLUE) had its price objective cut by Wells Fargo & Company from $11.00 to $10.00 in a research note released on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other analysts have also issued reports on GLUE. Wedbush reiterated an “outperform” rating and issued a $17.00 target price (up previously from $15.00) on shares of Monte Rosa Therapeutics in a research note on Thursday. Lifesci Capital assumed coverage on shares of Monte Rosa Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $19.00 price target on the stock.

Monte Rosa Therapeutics Trading Down 17.8 %

Shares of GLUE stock opened at $5.80 on Friday. The firm has a market capitalization of $356.33 million, a PE ratio of -3.17 and a beta of 1.50. The firm has a fifty day simple moving average of $6.18 and a two-hundred day simple moving average of $6.78. 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 posted its earnings results on Thursday, March 20th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.60. The firm had revenue of $14.00 million during the quarter, compared to the consensus estimate of $43.73 million. On average, equities analysts predict that Monte Rosa Therapeutics will post -1.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Monte Rosa Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in GLUE. Geode Capital Management LLC lifted its holdings in Monte Rosa Therapeutics by 23.3% during the third quarter. Geode Capital Management LLC now owns 1,044,689 shares of the company’s stock valued at $5,538,000 after purchasing an additional 197,247 shares during the last quarter. Barclays PLC lifted its holdings in Monte Rosa Therapeutics by 395.1% during the third quarter. Barclays PLC now owns 54,508 shares of the company’s stock valued at $289,000 after purchasing an additional 43,499 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in 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 during the last quarter. JPMorgan Chase & Co. lifted its holdings in Monte Rosa Therapeutics by 38.2% during the third quarter. JPMorgan Chase & Co. now owns 18,543 shares of the company’s stock valued at $98,000 after purchasing an additional 5,125 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Monte Rosa Therapeutics by 14.8% during the third quarter. The Manufacturers Life Insurance Company now owns 117,877 shares of the company’s stock valued at $625,000 after purchasing an additional 15,168 shares during the last quarter. 79.96% of the stock is owned by hedge funds and other institutional investors.

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.