189,430 Shares in Monte Rosa Therapeutics, Inc. $GLUE Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management acquired 189,430 shares of Monte Rosa Therapeutics, valued at approximately $2.26 million, giving it a 0.22% stake. Institutional investors collectively own nearly 80% of GLUE.
• Monte Rosa shares were trading at $11.22, down 1.2%, and remain well below their 12-month high of $25.77. The company recently missed quarterly earnings and revenue expectations, reporting an EPS loss of $0.43 and $8.97 million in revenue.
• Despite the weak financial results, analysts maintain a “Moderate Buy” consensus rating with an average price target of $26.67, supported by Monte Rosa’s molecular glue degrader drug-development platform.

Assenagon Asset Management S.A. acquired a new position in Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 189,430 shares of the company's stock, valued at approximately $2,260,000. Assenagon Asset Management S.A. owned approximately 0.22% of Monte Rosa Therapeutics at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of GLUE. Alphabet Inc. acquired a new position in shares of Monte Rosa Therapeutics in the second quarter worth about $9,014,000. Bank of America Corp DE purchased a new position in shares of Monte Rosa Therapeutics in the 2nd quarter valued at about $6,160,000. The Manufacturers Life Insurance Company increased its stake in shares of Monte Rosa Therapeutics by 55.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 209,801 shares of the company's stock valued at $3,451,000 after purchasing an additional 75,127 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Monte Rosa Therapeutics in the 2nd quarter worth about $5,385,000. Finally, Opaleye Management Inc. acquired a new position in Monte Rosa Therapeutics in the 2nd quarter worth about $18,029,000. Hedge funds and other institutional investors own 79.96% of the company's stock.

Monte Rosa Therapeutics Trading Down 1.2%

NASDAQ:GLUE opened at $11.22 on Thursday. The company has a market cap of $957.21 million, a P/E ratio of -6.37 and a beta of 1.37. Monte Rosa Therapeutics, Inc. has a twelve month low of $8.94 and a twelve month high of $25.77. The company's 50-day moving average price is $12.69 and its 200-day moving average price is $17.21.

Monte Rosa Therapeutics (NASDAQ:GLUE - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.05). The business had revenue of $8.97 million for the quarter, compared to analysts' expectations of $12.91 million. Monte Rosa Therapeutics had a negative net margin of 560.85% and a negative return on equity of 43.31%. On average, analysts expect that Monte Rosa Therapeutics, Inc. will post -1.23 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Jefferies Financial Group reiterated a "buy" rating on shares of Monte Rosa Therapeutics in a research report on Monday, July 27th. Wells Fargo & Company decreased their target price on Monte Rosa Therapeutics from $29.00 to $27.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Zacks Research raised shares of Monte Rosa Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. Raymond James Financial set a $25.00 price target on shares of Monte Rosa Therapeutics in a research note on Monday, October 5th. Finally, HC Wainwright initiated coverage on shares of Monte Rosa Therapeutics in a report on Thursday, October 1st. They issued a "buy" rating and a $25.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $26.67.

About Monte Rosa Therapeutics

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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