Monte Rosa Therapeutics (NASDAQ:GLUE) Trading 9% Higher – Time to Buy?

Shares of Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) shot up 9% on Tuesday . The stock traded as high as $8.24 and last traded at $8.22. 619,198 shares were traded during trading, a decline of 18% from the average session volume of 757,429 shares. The stock had previously closed at $7.54.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on GLUE. Wedbush restated an “outperform” rating and set a $15.00 price objective on shares of Monte Rosa Therapeutics in a research report on Thursday, November 7th. Wells Fargo & Company cut their price objective on shares of Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating on the stock in a research report on Monday, August 12th.

Monte Rosa Therapeutics Stock Up 10.2 %

The company has a 50-day moving average price of $6.57 and a 200 day moving average price of $5.29.

Monte Rosa Therapeutics (NASDAQ:GLUE) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.16. The business had revenue of $9.22 million during the quarter, compared to analyst estimates of $4.54 million. Research analysts expect that Monte Rosa Therapeutics, Inc. will post -1.49 EPS for the current year.

Insider Buying and Selling at Monte Rosa Therapeutics

In related news, major shareholder Versant Venture Capital Vi, L. sold 9,269 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 6,231,902 shares of the company’s stock, valued at $38,388,516.32. This trade represents a 0.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 1,773,722 shares of company stock valued at $11,573,438 in the last 90 days. 6.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD raised its stake in Monte Rosa Therapeutics by 3.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,096,787 shares of the company’s stock worth $35,933,000 after buying an additional 155,880 shares during the period. Vanguard Group Inc. raised its position in shares of Monte Rosa Therapeutics by 3.0% during the first 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 during the period. Geode Capital Management LLC lifted its holdings in shares of Monte Rosa Therapeutics by 23.3% during the 3rd 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 in the last quarter. Vestal Point Capital LP grew its position in shares of Monte Rosa Therapeutics by 4.5% in the 3rd quarter. Vestal Point Capital LP now owns 930,000 shares of the company’s stock valued at $4,929,000 after purchasing an additional 40,000 shares during the period. Finally, State Street Corp increased its stake in Monte Rosa Therapeutics by 8.1% during the 3rd quarter. State Street Corp now owns 687,577 shares of the company’s stock worth $3,644,000 after purchasing an additional 51,493 shares in the last quarter. Institutional investors own 79.96% of the company’s stock.

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.