Monte Rosa Therapeutics (NASDAQ:GLUE) Trading 7.3% Higher - Here's What Happened

Shares of Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE - Get Free Report) traded up 7.3% on Wednesday . The stock traded as high as $5.75 and last traded at $5.61. 777,558 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 1,088,751 shares. The stock had previously closed at $5.23.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Monte Rosa Therapeutics from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Friday, March 21st. Wedbush reiterated an "outperform" rating and set a $17.00 target price (up previously from $15.00) on shares of Monte Rosa Therapeutics in a research report on Thursday, March 20th. Finally, Wall Street Zen cut shares of Monte Rosa Therapeutics from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd.

Monte Rosa Therapeutics Stock Performance

The firm's 50-day simple moving average is $4.62 and its 200 day simple moving average is $5.28. The company has a market cap of $365.37 million, a P/E ratio of 74.26 and a beta of 1.41.

Monte Rosa Therapeutics (NASDAQ:GLUE - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.81. Monte Rosa Therapeutics had a net margin of 3.86% and a return on equity of 2.65%. The company had revenue of $84.93 million during the quarter, compared to analyst estimates of $13.57 million. As a group, research analysts forecast that Monte Rosa Therapeutics, Inc. will post -1.49 earnings per share for the current year.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in GLUE. Franklin Resources Inc. bought a new position in Monte Rosa Therapeutics during the 4th quarter worth about $191,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Monte Rosa Therapeutics by 6.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 370,472 shares of the company's stock worth $2,571,000 after buying an additional 23,974 shares during the last quarter. ProShare Advisors LLC acquired a new position in shares of Monte Rosa Therapeutics during the 4th quarter worth about $101,000. Squarepoint Ops LLC acquired a new position in shares of Monte Rosa Therapeutics during the 4th quarter worth about $220,000. Finally, D. E. Shaw & Co. Inc. boosted its stake in shares of Monte Rosa Therapeutics by 283.3% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 70,114 shares of the company's stock worth $487,000 after buying an additional 51,823 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company's stock.

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.