Monte Rosa Therapeutics (NASDAQ:GLUE) Stock Price Down 6% – Here’s What Happened

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE)’s stock price fell 6% on Wednesday . The stock traded as low as $8.82 and last traded at $8.87. 463,765 shares changed hands during trading, a decline of 43% from the average session volume of 809,012 shares. The stock had previously closed at $9.44.

Analyst Ratings Changes

Separately, Wedbush reissued an “outperform” rating and set a $15.00 target price on shares of Monte Rosa Therapeutics in a report on Thursday, November 7th.

Monte Rosa Therapeutics Stock Performance

The firm has a market capitalization of $522.83 million, a price-to-earnings ratio of -5.16 and a beta of 1.37. The business has a fifty day moving average of $7.64 and a two-hundred day moving average of $5.76.

Monte Rosa Therapeutics (NASDAQ:GLUE) last posted its earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share 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, sell-side analysts predict that Monte Rosa Therapeutics, Inc. will post -1.49 EPS for the current fiscal year.

Insider Activity at Monte Rosa Therapeutics

In related news, major shareholder Versant Venture Capital Vi, L. sold 1,132,566 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $6.53, for a total value of $7,395,655.98. Following the completion of the sale, the insider now directly owns 5,099,336 shares in the company, valued at $33,298,664.08. The trade was a 18.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 1,231,825 shares of company stock worth $8,322,056 in the last ninety days. 6.50% of the stock is owned by company insiders.

Institutional Trading of Monte Rosa Therapeutics

Several institutional investors have recently added to or reduced their stakes in GLUE. Meeder Asset Management Inc. bought a new stake in shares of Monte Rosa Therapeutics during the 2nd quarter valued at $38,000. SG Americas Securities LLC bought a new stake in shares of Monte Rosa Therapeutics during the 3rd quarter valued at $55,000. Intech Investment Management LLC bought a new stake in shares of Monte Rosa Therapeutics during the 3rd quarter valued at $77,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of 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 valued at $128,000 after acquiring an additional 8,500 shares during the period. Finally, MetLife Investment Management LLC bought a new stake in shares of Monte Rosa Therapeutics during the 3rd quarter valued at $132,000. 79.96% of the stock is currently owned by institutional investors.

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.