Wedbush Research Analysts Lift Earnings Estimates for GLUE

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE - Free Report) - Equities research analysts at Wedbush increased their FY2024 earnings estimates for Monte Rosa Therapeutics in a research report issued on Monday, October 28th. Wedbush analyst R. Driscoll now anticipates that the company will post earnings of ($1.63) per share for the year, up from their prior forecast of ($1.86). Wedbush currently has a "Outperform" rating and a $11.00 target price on the stock. The consensus estimate for Monte Rosa Therapeutics' current full-year earnings is ($1.89) per share. Wedbush also issued estimates for Monte Rosa Therapeutics' Q4 2024 earnings at ($0.20) EPS, Q1 2025 earnings at ($0.21) EPS, Q2 2025 earnings at ($0.22) EPS, Q3 2025 earnings at ($0.24) EPS, Q4 2025 earnings at ($0.25) EPS, FY2025 earnings at ($0.91) EPS, FY2026 earnings at ($1.02) EPS, FY2027 earnings at ($0.35) EPS and FY2028 earnings at $1.15 EPS.

Separately, Wells Fargo & Company reduced their price target 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.

Monte Rosa Therapeutics Stock Performance

Shares of Monte Rosa Therapeutics stock traded down $0.15 during trading on Wednesday, hitting $9.22. 1,847,944 shares of the stock traded hands, compared to its average volume of 724,566. The company has a fifty day moving average price of $5.81 and a two-hundred day moving average price of $4.97. Monte Rosa Therapeutics has a twelve month low of $2.91 and a twelve month high of $12.40. The stock has a market cap of $465.72 million, a P/E ratio of -3.72 and a beta of 1.43.

Monte Rosa Therapeutics (NASDAQ:GLUE - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.43) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.07. The company had revenue of $4.70 million during the quarter, compared to analyst estimates of $3.20 million.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in Monte Rosa Therapeutics by 3.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,096,787 shares of the company's stock valued at $35,933,000 after buying an additional 155,880 shares during the period. Vanguard Group Inc. increased its holdings in Monte Rosa Therapeutics by 3.0% in the first quarter. Vanguard Group Inc. now owns 1,635,829 shares of the company's stock valued at $11,533,000 after purchasing an additional 47,412 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Monte Rosa Therapeutics by 108.6% during the second quarter. Renaissance Technologies LLC now owns 254,714 shares of the company's stock worth $953,000 after buying an additional 132,614 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Monte Rosa Therapeutics by 111.6% during the second quarter. Dimensional Fund Advisors LP now owns 153,758 shares of the company's stock worth $575,000 after purchasing an additional 81,083 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Monte Rosa Therapeutics by 16.9% in the second quarter. Bank of New York Mellon Corp now owns 109,864 shares of the company's stock worth $411,000 after acquiring an additional 15,845 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors.

Insider Activity

In other news, major shareholder Versant Venture Capital Vi, L. sold 1,132,566 shares of Monte Rosa Therapeutics stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $6.53, for a total transaction of $7,395,655.98. Following the sale, the insider now directly owns 5,099,336 shares in the company, valued at approximately $33,298,664.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.

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.