Alphabet Inc. Buys Shares of 372,474 Monte Rosa Therapeutics, Inc. $GLUE

Key Points

• Alphabet acquired 372,474 shares of Monte Rosa Therapeutics in the second quarter, valued at approximately $9 million, giving it a 0.44% stake. Institutional investors collectively own nearly 80% of GLUE.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $28.50, despite some target-price cuts and mixed rating changes.
• Monte Rosa reported weaker-than-expected quarterly results, including an EPS loss of $0.43 versus the projected $0.38 loss and revenue of $8.97 million versus the $12.91 million estimate. Shares opened at $15.38, well below the consensus target.

Alphabet Inc. acquired a new position in Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 372,474 shares of the company's stock, valued at approximately $9,014,000. Monte Rosa Therapeutics makes up 0.0% of Alphabet Inc.'s investment portfolio, making the stock its 23rd biggest holding. Alphabet Inc. owned 0.44% of Monte Rosa Therapeutics at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp boosted its position in Monte Rosa Therapeutics by 148.9% during the 4th quarter. State Street Corp now owns 2,107,480 shares of the company's stock valued at $33,045,000 after buying an additional 1,260,707 shares during the period. MPM Bioimpact LLC bought a new position in Monte Rosa Therapeutics in the 4th quarter worth about $18,399,000. AQR Capital Management LLC lifted its position in Monte Rosa Therapeutics by 459.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,283,942 shares of the company's stock valued at $5,791,000 after acquiring an additional 1,054,406 shares in the last quarter. Braidwell LP purchased a new position in Monte Rosa Therapeutics in the 4th quarter worth about $14,870,000. Finally, Vestal Point Capital LP purchased a new stake in shares of Monte Rosa Therapeutics during the 3rd quarter valued at about $5,928,000. Institutional investors own 79.96% of the company's stock.

Wall Street Analysts Forecast Growth

GLUE has been the subject of several research reports. Weiss Ratings cut shares of Monte Rosa Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. Jefferies Financial Group restated a "buy" rating on shares of Monte Rosa Therapeutics in a report on Monday, July 27th. Zacks Research raised shares of Monte Rosa Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 4th. JPMorgan Chase & Co. lowered their target price on Monte Rosa Therapeutics from $31.00 to $27.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Finally, Wells Fargo & Company dropped 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. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Monte Rosa Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $28.50.

Monte Rosa Therapeutics Stock Down 0.8%

Shares of GLUE stock opened at $15.38 on Tuesday. The stock has a market cap of $1.31 billion, a P/E ratio of -8.74 and a beta of 1.59. Monte Rosa Therapeutics, Inc. has a 52 week low of $4.30 and a 52 week high of $25.77. The company's fifty day simple moving average is $20.30 and its two-hundred day simple moving average is $18.99.

Monte Rosa Therapeutics (NASDAQ:GLUE - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.43) EPS for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.05). Monte Rosa Therapeutics had a negative net margin of 560.85% and a negative return on equity of 43.31%. The firm had revenue of $8.97 million for the quarter, compared to the consensus estimate of $12.91 million. On average, analysts anticipate that Monte Rosa Therapeutics, Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Sharon Townson sold 6,000 shares of the firm's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $23.31, for a total value of $139,860.00. Following the completion of the sale, the insider owned 67,845 shares in the company, valued at approximately $1,581,466.95. This trade represents a 8.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anthony M. Manning sold 10,000 shares of Monte Rosa Therapeutics stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $23.11, for a total transaction of $231,100.00. Following the transaction, the director directly owned 10,000 shares of the company's stock, valued at approximately $231,100. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 81,778 shares of company stock worth $1,768,581. 6.40% of the stock is owned by company insiders.

Monte Rosa Therapeutics Profile

Monte Rosa Therapeutics is a biotechnology company focused on accelerating drug discovery through the integration of single-cell genomics and artificial intelligence. Founded in 2020 and headquartered in Cambridge, Massachusetts, the company has built a proprietary platform designed to identify novel therapeutic targets and optimize lead candidates for areas of high unmet medical need. By combining cutting-edge computational methods with comprehensive cellular profiling, Monte Rosa aims to streamline the preclinical development process and uncover insights into disease biology that might otherwise remain hidden.

The company's main business activities center on using its AI-driven discovery engine to pursue programs in immuno-oncology and neuroscience.

Want to see what other hedge funds are holding GLUE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source