Monte Rosa Therapeutics (NASDAQ:GLUE) Shares Up 9% – Here’s What Happened

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE)’s stock price was up 9% during mid-day trading on Tuesday . The stock traded as high as $8.24 and last traded at $8.22. Approximately 619,198 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 757,429 shares. The stock had previously closed at $7.54.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on GLUE shares. Wedbush reissued an “outperform” rating and issued a $15.00 price target on shares of Monte Rosa Therapeutics in a research report on Thursday, November 7th. Wells Fargo & Company dropped their price objective on shares of Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating for the company in a report on Monday, August 12th.

Monte Rosa Therapeutics Stock Performance

The company’s fifty day moving average price is $6.66 and its two-hundred day moving average price is $5.33.

Monte Rosa Therapeutics (NASDAQ:GLUE) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.29) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.16. The company had revenue of $9.22 million for the quarter, compared to the consensus estimate of $4.54 million. Equities research analysts forecast that Monte Rosa Therapeutics, Inc. will post -1.49 EPS for the current year.

Insider Activity

In other Monte Rosa Therapeutics news, major shareholder Versant Venture Capital Vi, L. sold 9,269 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.16, for a total value of $57,097.04. Following the sale, the insider now directly owns 6,231,902 shares in the company, valued at approximately $38,388,516.32. This trade represents a 0.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 1,773,722 shares of company stock valued at $11,573,438 over the last three months. 6.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Monte Rosa Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in GLUE. Vanguard Group Inc. grew its position in shares of Monte Rosa Therapeutics by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 1,635,829 shares of the company’s stock valued at $11,533,000 after acquiring an additional 47,412 shares during the period. Acadian Asset Management LLC boosted its holdings in Monte Rosa Therapeutics by 92.5% in the 1st quarter. Acadian Asset Management LLC now owns 55,548 shares of the company’s stock valued at $390,000 after purchasing an additional 26,687 shares during the period. EntryPoint Capital LLC acquired a new position in shares of Monte Rosa Therapeutics during the 1st quarter worth approximately $112,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Monte Rosa Therapeutics by 3.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,096,787 shares of the company’s stock worth $35,933,000 after purchasing an additional 155,880 shares during the period. Finally, Bank of New York Mellon Corp raised its position 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 valued at $411,000 after buying an additional 15,845 shares in the last quarter. 79.96% of the stock is currently 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.