Bank of New York Mellon Corp Acquires New Shares in Monte Rosa Therapeutics, Inc. $GLUE

Key Points

• Bank of New York Mellon initiated a position in Monte Rosa Therapeutics, purchasing 222,521 shares worth approximately $5.4 million, while institutional investors collectively own nearly 80% of GLUE.
• Monte Rosa’s latest quarterly results fell short of expectations, with an adjusted loss of $0.43 per share versus the $0.38 estimate and revenue of $8.97 million versus the $12.91 million forecast.
• GLUE shares recently traded at $13.84, down 3.8%, although analysts maintain a “Moderate Buy” consensus with an average price target of $28.50; insiders have sold 79,603 shares worth $1.73 million over the past 90 days.

Bank of New York Mellon Corp bought a new position in Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 222,521 shares of the company's stock, valued at approximately $5,385,000. Bank of New York Mellon Corp owned 0.26% of Monte Rosa Therapeutics as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its stake in Monte Rosa Therapeutics by 10.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,118,904 shares of the company's stock valued at $80,265,000 after buying an additional 481,844 shares during the period. Vanguard Group Inc. raised its holdings in shares of Monte Rosa Therapeutics by 8.6% in the 4th quarter. Vanguard Group Inc. now owns 3,246,500 shares of the company's stock valued at $50,905,000 after acquiring an additional 257,547 shares in the last quarter. State Street Corp boosted its position in shares of 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 acquiring an additional 1,260,707 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Monte Rosa Therapeutics by 459.4% during the second quarter. AQR Capital Management LLC now owns 1,283,942 shares of the company's stock worth $5,791,000 after purchasing an additional 1,054,406 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Monte Rosa Therapeutics by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 1,204,844 shares of the company's stock worth $18,896,000 after purchasing an additional 53,278 shares during the last quarter. Hedge funds and other institutional investors own 79.96% of the company's stock.

Insider Transactions at Monte Rosa Therapeutics

In other news, insider Sharon Townson sold 6,000 shares of the company's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $23.31, for a total transaction of $139,860.00. Following the completion of the sale, the insider owned 67,845 shares of the company's stock, valued at $1,581,466.95. This represents a 8.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer Champoux sold 2,176 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total transaction of $41,344.00. Following the completion of the transaction, the chief operating officer owned 62,371 shares in the company, valued at $1,185,049. This trade represents a 3.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 79,603 shares of company stock valued at $1,725,081 over the last 90 days. 6.40% of the stock is owned by corporate insiders.

Monte Rosa Therapeutics Trading Down 3.8%

NASDAQ:GLUE opened at $13.84 on Friday. The company has a 50-day moving average price of $19.05 and a 200-day moving average price of $18.47. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -7.86 and a beta of 1.50. Monte Rosa Therapeutics, Inc. has a 12 month low of $4.79 and a 12 month high of $25.77.

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on GLUE shares. Weiss Ratings lowered shares of Monte Rosa Therapeutics from a "sell (d+)" rating to a "sell (d)" rating in a research report on Tuesday, August 11th. Zacks Research raised shares of Monte Rosa Therapeutics from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Wedbush lowered their price objective on shares of Monte Rosa Therapeutics from $37.00 to $27.00 and set an "outperform" rating on the stock in a research report on Monday, August 3rd. Guggenheim reiterated a "buy" rating and issued a $28.00 target price on shares of Monte Rosa Therapeutics in a research report on Tuesday, August 25th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Monte Rosa Therapeutics in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Monte Rosa Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $28.50.

Monte Rosa Therapeutics Company 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