Short Interest in Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Drops By 12.6%

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE - Get Free Report) was the recipient of a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 7,030,000 shares, a decrease of 12.6% from the February 28th total of 8,040,000 shares. Approximately 15.3% of the company's stock are short sold. Based on an average daily volume of 805,300 shares, the days-to-cover ratio is currently 8.7 days.

Monte Rosa Therapeutics Price Performance

Monte Rosa Therapeutics stock traded up $0.06 during mid-day trading on Friday, reaching $3.95. 1,142,231 shares of the company traded hands, compared to its average volume of 1,002,446. Monte Rosa Therapeutics has a fifty-two week low of $3.21 and a fifty-two week high of $12.40. The firm's fifty day moving average is $6.02 and its two-hundred day moving average is $6.70. The company has a market capitalization of $242.96 million, a price-to-earnings ratio of -2.16 and a beta of 1.53.

Monte Rosa Therapeutics (NASDAQ:GLUE - Get Free Report) last released its earnings results on Thursday, March 20th. The company reported $0.23 EPS for the quarter, topping analysts' consensus estimates of ($0.37) by $0.60. The firm had revenue of $14.00 million for the quarter, compared to analyst estimates of $43.73 million. As a group, equities research analysts predict that Monte Rosa Therapeutics will post -1.49 earnings per share for the current year.

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Insider Buying and Selling

In other news, Director Chandra P. Leo bought 10,000 shares of Monte Rosa Therapeutics stock in a transaction on Monday, March 24th. The stock was acquired at an average cost of $5.84 per share, for a total transaction of $58,400.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company's stock, valued at $58,400. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GLUE. Wellington Management Group LLP raised its stake in shares of Monte Rosa Therapeutics by 2.2% during the 4th quarter. Wellington Management Group LLP now owns 221,741 shares of the company's stock valued at $1,539,000 after buying an additional 4,740 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Monte Rosa Therapeutics in the fourth quarter valued at approximately $220,000. Two Sigma Advisers LP purchased a new stake in Monte Rosa Therapeutics in the 4th quarter worth approximately $180,000. Two Sigma Investments LP boosted its position in Monte Rosa Therapeutics by 1,965.1% in the 4th quarter. Two Sigma Investments LP now owns 278,785 shares of the company's stock worth $1,935,000 after purchasing an additional 265,285 shares in the last quarter. Finally, Rafferty Asset Management LLC acquired a new stake in shares of Monte Rosa Therapeutics during the 4th quarter worth approximately $192,000. Hedge funds and other institutional investors own 79.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Lifesci Capital began coverage on shares of Monte Rosa Therapeutics in a research note on Wednesday, March 12th. They set an "outperform" rating and a $19.00 price objective for the company. Wedbush reaffirmed an "outperform" rating and set a $17.00 price target (up from $15.00) on shares of Monte Rosa Therapeutics in a research report on Thursday, March 20th. Finally, Wells Fargo & Company lowered their price objective on Monte Rosa Therapeutics from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Friday, March 21st.

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.