Wells Fargo & Company Issues Pessimistic Forecast for Monte Rosa Therapeutics (NASDAQ:GLUE) Stock Price

Key Points

• Wells Fargo cut its price target for Monte Rosa Therapeutics from $27 to $25, while maintaining an Overweight rating; the new target implies 144.88% upside from the prior close.
• Analyst sentiment remains broadly positive: the stock has a consensus “Moderate Buy” rating and an average price target of $26.44, although ratings range from Strong Buy to Sell.
• Shares opened at $10.21, near their 52-week low of $9.68. The company beat quarterly estimates, reporting EPS of $0.03 versus a $0.21 loss expected and revenue of $54.37 million versus $33.87 million expected.

Monte Rosa Therapeutics (NASDAQ:GLUE - Get Free Report) had its target price cut by analysts at Wells Fargo & Company from $27.00 to $25.00 in a report issued on Friday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 144.88% from the stock's previous close.

A number of other brokerages have also recently commented on GLUE. Zacks Research raised shares of Monte Rosa Therapeutics from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. UBS Group started coverage on shares of Monte Rosa Therapeutics in a research report on Sunday, October 11th. They set a "buy" rating and a $19.00 price objective for the company. Guggenheim restated a "buy" rating and issued a $28.00 price objective on shares of Monte Rosa Therapeutics in a research note on Tuesday, August 25th. Wedbush reaffirmed an "outperform" rating and issued a $27.00 target price on shares of Monte Rosa Therapeutics in a report on Wednesday, September 9th. Finally, Raymond James Financial set a $25.00 target price on Monte Rosa Therapeutics in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.44.

Monte Rosa Therapeutics Price Performance

NASDAQ GLUE opened at $10.21 on Friday. The stock has a market capitalization of $870.96 million, a price-to-earnings ratio of -5.83 and a beta of 1.40. Monte Rosa Therapeutics has a 1-year low of $9.68 and a 1-year high of $25.77. The business's fifty day moving average price is $11.78 and its 200-day moving average price is $17.16.

Monte Rosa Therapeutics (NASDAQ:GLUE - Get Free Report) last posted its earnings results on Thursday, November 5th. The company reported $0.03 earnings per share for the quarter, beating analysts' consensus estimates of ($0.21) by $0.24. The company had revenue of $54.37 million for the quarter, compared to the consensus estimate of $33.87 million. Monte Rosa Therapeutics had a negative return on equity of 43.31% and a negative net margin of 560.85%. Equities research analysts anticipate that Monte Rosa Therapeutics will post -1.13 EPS for the current year.

Hedge Funds Weigh In On Monte Rosa Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Allworth Financial LP purchased a new position in Monte Rosa Therapeutics during the second quarter worth $30,000. Sterling Capital Management LLC increased its position in Monte Rosa Therapeutics by 842.3% during the third quarter. Sterling Capital Management LLC now owns 2,450 shares of the company's stock valued at $29,000 after acquiring an additional 2,190 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of Monte Rosa Therapeutics in the third quarter valued at $48,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Monte Rosa Therapeutics in the 3rd quarter worth about $52,000. Finally, E Fund Management Co. Ltd. bought a new stake in shares of Monte Rosa Therapeutics in the 2nd quarter worth about $200,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

Monte Rosa Therapeutics Company Profile

Monte Rosa Therapeutics, Inc is a clinical-stage biotechnology company focused on developing molecular glue degraders, a class of medicines designed to eliminate disease-causing proteins by directing them to the cell's natural protein-degradation machinery. The company's approach is intended to address targets that may be difficult to inhibit with conventional small-molecule drugs.

Monte Rosa uses its QuEEN platform to discover and optimize molecular glue degraders for diseases involving dysregulated immune responses and other biological pathways.

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