Monte Rosa Therapeutics (NASDAQ:GLUE) Shares Up 8.7% - Here's What Happened

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE - Get Free Report)'s share price traded up 8.7% during trading on Friday . The stock traded as high as $9.64 and last traded at $9.60. 117,614 shares were traded during mid-day trading, a decline of 85% from the average session volume of 775,076 shares. The stock had previously closed at $8.83.

Analyst Upgrades and Downgrades

GLUE has been the subject of a number of recent analyst reports. Wells Fargo & Company cut their price objective on Monte Rosa Therapeutics from $18.00 to $17.00 and set an "overweight" rating for the company in a research report on Monday, August 12th. Wedbush reaffirmed an "outperform" rating and set a $15.00 target price on shares of Monte Rosa Therapeutics in a research note on Thursday, November 7th.

Monte Rosa Therapeutics Stock Up 6.6 %

The business has a 50-day simple moving average of $7.46 and a 200-day simple moving average of $5.66. The company has a market cap of $578.15 million, a PE ratio of -5.14 and a beta of 1.37.

Monte Rosa Therapeutics (NASDAQ:GLUE - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.45) by $0.16. The business had revenue of $9.22 million for the quarter, compared to analyst estimates of $4.54 million. As a group, equities research analysts predict that Monte Rosa Therapeutics, Inc. 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 89,990 shares of the firm's stock in a transaction 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 sale, the insider now directly owns 2,007,948 shares in the company, valued at $19,396,777.68. This trade represents a 4.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders have sold 1,773,722 shares of company stock worth $11,573,438. Company insiders own 6.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GLUE. Meeder Asset Management Inc. acquired a new position in Monte Rosa Therapeutics in the second quarter valued at approximately $38,000. SG Americas Securities LLC acquired a new position in shares of Monte Rosa Therapeutics in the 3rd quarter valued at $55,000. Intech Investment Management LLC purchased a new position in shares of Monte Rosa Therapeutics in the 3rd quarter valued at $77,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Monte Rosa Therapeutics by 54.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,100 shares of the company's stock worth $128,000 after acquiring an additional 8,500 shares in the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in Monte Rosa Therapeutics in the third quarter valued at $132,000. 79.96% of the stock is owned by institutional investors and hedge funds.

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.