Monte Rosa Therapeutics (NASDAQ:GLUE) Lowered to Equal Weight Rating by Wells Fargo & Company

Monte Rosa Therapeutics (NASDAQ:GLUE) was downgraded by investment analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Thursday,Finviz reports. They presently have a $11.00 target price on the stock, down from their previous target price of $14.00. Wells Fargo & Company‘s price objective would indicate a potential upside of 56.47% from the company’s previous close.

Separately, Wedbush reaffirmed an “outperform” rating and set a $15.00 price target on shares of Monte Rosa Therapeutics in a research note on Thursday, November 7th.

Monte Rosa Therapeutics Trading Down 8.3 %

Shares of Monte Rosa Therapeutics stock opened at $7.03 on Thursday. The company has a 50-day moving average of $7.95 and a two-hundred day moving average of $5.90. Monte Rosa Therapeutics has a 12-month low of $3.21 and a 12-month high of $12.40. The stock has a market cap of $431.90 million, a PE ratio of -3.84 and a beta of 1.37.

Monte Rosa Therapeutics (NASDAQ:GLUE) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.16. The firm had revenue of $9.22 million during the quarter, compared to analysts’ expectations of $4.54 million. On average, sell-side analysts forecast that Monte Rosa Therapeutics will post -1.49 EPS for the current fiscal year.

Insider Buying and Selling

In other Monte Rosa Therapeutics news, major shareholder Versant Venture Capital Vi, L. sold 1,132,566 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $6.53, for a total value of $7,395,655.98. Following the sale, the insider now directly owns 5,099,336 shares of the company’s stock, valued at approximately $33,298,664.08. This trade represents a 18.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Monte Rosa Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. purchased a new position in Monte Rosa Therapeutics during the second quarter worth approximately $38,000. SG Americas Securities LLC purchased a new position in shares of Monte Rosa Therapeutics in the 3rd quarter worth $55,000. Intech Investment Management LLC acquired a new position in Monte Rosa Therapeutics in the third quarter valued at $77,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position 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 acquiring an additional 8,500 shares during the period. Finally, MetLife Investment Management LLC acquired a new stake in Monte Rosa Therapeutics during the third quarter worth about $132,000. 79.96% of the stock is currently 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.