Wells Fargo & Company lowered shares of Monte Rosa Therapeutics (NASDAQ:GLUE - Free Report) from an overweight rating to an equal weight rating in a report issued on Thursday, MarketBeat.com reports. They currently have $11.00 price objective on the stock, down from their prior price objective of $14.00.
Separately, Wedbush restated an "outperform" rating and issued a $15.00 price objective on shares of Monte Rosa Therapeutics in a research report on Thursday, November 7th.
Read Our Latest Report on Monte Rosa Therapeutics
Monte Rosa Therapeutics Stock Down 7.4 %
Shares of GLUE traded down $0.52 during trading hours on Thursday, hitting $6.51. The company had a trading volume of 1,643,469 shares, compared to its average volume of 839,464. Monte Rosa Therapeutics has a 52-week low of $3.21 and a 52-week high of $12.40. The stock's 50 day moving average price is $7.95 and its 200 day moving average price is $5.90. The firm has a market cap of $399.95 million, a P/E ratio of -3.56 and a beta of 1.37.
Monte Rosa Therapeutics (NASDAQ:GLUE - Get Free Report) last announced 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 company had revenue of $9.22 million during the quarter, compared to the consensus estimate of $4.54 million. On average, research analysts expect that Monte Rosa Therapeutics will post -1.49 EPS for the current fiscal year.
Insider Activity at Monte Rosa Therapeutics
In other news, major shareholder Versant Venture Capital Vi, L. sold 89,990 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $9.66, for a total value of $869,303.40. Following the completion of the transaction, the insider now owns 2,007,948 shares of the company's stock, valued at approximately $19,396,777.68. This represents a 4.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.50% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Monte Rosa Therapeutics
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC boosted its position in shares of 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 buying an additional 197,247 shares during the last quarter. Vestal Point Capital LP boosted its holdings in shares of Monte Rosa Therapeutics by 4.5% during the 3rd quarter. Vestal Point Capital LP now owns 930,000 shares of the company's stock valued at $4,929,000 after acquiring an additional 40,000 shares during the last quarter. State Street Corp grew its stake in shares of Monte Rosa Therapeutics by 8.1% in the third quarter. State Street Corp now owns 687,577 shares of the company's stock worth $3,644,000 after acquiring an additional 51,493 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Monte Rosa Therapeutics by 11.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 346,498 shares of the company's stock valued at $1,836,000 after purchasing an additional 34,698 shares during the period. Finally, Ikarian Capital LLC purchased a new stake in Monte Rosa Therapeutics in the third quarter worth approximately $1,651,000. Institutional investors own 79.96% of the company's stock.
About Monte Rosa Therapeutics
(
Get Free Report)
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.
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