Wedbush Reiterates "Outperform" Rating for Monte Rosa Therapeutics (NASDAQ:GLUE)

Wedbush restated their outperform rating on shares of Monte Rosa Therapeutics (NASDAQ:GLUE - Free Report) in a research note published on Thursday morning, Marketbeat.com reports. The firm currently has a $17.00 target price on the stock, up from their prior target price of $15.00.

Several other research firms have also issued reports on GLUE. Wells Fargo & Company lowered shares of Monte Rosa Therapeutics from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $14.00 to $11.00 in a research report on Thursday, December 19th. Lifesci Capital initiated coverage on Monte Rosa Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $19.00 target price for the company.

Monte Rosa Therapeutics Stock Performance

NASDAQ:GLUE traded up $0.03 during mid-day trading on Thursday, reaching $5.83. The stock had a trading volume of 842,776 shares, compared to its average volume of 938,440. The stock has a market capitalization of $358.18 million, a P/E ratio of -3.19 and a beta of 1.50. The firm has a 50 day moving average price of $6.18 and a two-hundred day moving average price of $6.78. Monte Rosa Therapeutics has a one year low of $3.21 and a one year high of $12.40.

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Monte Rosa Therapeutics (NASDAQ:GLUE - Get Free Report) last announced its quarterly earnings data on Thursday, March 20th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of ($0.37) by $0.60. The business had revenue of $14.00 million during the quarter, compared to the consensus estimate of $43.73 million. Research analysts forecast that Monte Rosa Therapeutics will post -1.49 earnings per share for the current year.

Institutional Investors Weigh In On Monte Rosa Therapeutics

A number of large investors have recently added to or reduced their stakes in GLUE. Tower Research Capital LLC TRC raised its stake in shares of Monte Rosa Therapeutics by 192.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,443 shares of the company's stock valued at $38,000 after acquiring an additional 3,584 shares during the last quarter. GAMMA Investing LLC raised its position in Monte Rosa Therapeutics by 10,665.5% during the 4th quarter. GAMMA Investing LLC now owns 5,921 shares of the company's stock valued at $41,000 after purchasing an additional 5,866 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Monte Rosa Therapeutics in the 4th quarter worth approximately $43,000. Virtus ETF Advisers LLC bought a new stake in shares of Monte Rosa Therapeutics in the 4th quarter worth approximately $63,000. Finally, Intech Investment Management LLC purchased a new position in shares of Monte Rosa Therapeutics during the third quarter valued at approximately $77,000. 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.