Monte Rosa Therapeutics (NASDAQ:GLUE) Shares Up 4.4% - What's Next?

Key Points

• Monte Rosa Therapeutics shares rose 4.4% to about $10.31, although trading volume was 89% below the stock’s average daily volume.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $27.62; recent targets range from $25 to $27 after reductions from Wells Fargo and JPMorgan.
• The company’s latest quarter fell short of expectations, reporting a loss of $0.43 per share versus the $0.38 expected and revenue of $8.97 million versus $12.91 million forecast. Institutional investors own nearly 80% of the stock.

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE - Get Free Report)'s share price traded up 4.4% on Wednesday. The stock traded as high as $10.20 and last traded at $10.3090. 148,530 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 1,345,794 shares. The stock had previously closed at $9.87.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GLUE. Wells Fargo & Company reduced their price objective on Monte Rosa Therapeutics from $29.00 to $27.00 and set an "overweight" rating for the company in a research note on Friday, August 7th. 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. JPMorgan Chase & Co. reduced their price target on shares of Monte Rosa Therapeutics from $31.00 to $27.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. Benchmark reiterated a "buy" rating on shares of Monte Rosa Therapeutics in a research note on Monday. Finally, HC Wainwright initiated coverage on shares of Monte Rosa Therapeutics in a research report on Thursday, October 1st. They set a "buy" rating and a $25.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Monte Rosa Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.62.

Monte Rosa Therapeutics Trading Up 6.0%

The stock's 50 day moving average price is $14.14 and its two-hundred day moving average price is $17.64. The firm has a market capitalization of $892.37 million, a price-to-earnings ratio of -5.94 and a beta of 1.37.

Monte Rosa Therapeutics (NASDAQ:GLUE - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.05). The business 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%. On average, sell-side analysts forecast that Monte Rosa Therapeutics, Inc. will post -1.23 earnings per share for the current fiscal year.

Institutional Trading of Monte Rosa Therapeutics

Institutional investors have recently made changes to their positions in the stock. Opaleye Management Inc. purchased a new position in shares of Monte Rosa Therapeutics in the second quarter valued at $18,029,000. Squarepoint Ops LLC lifted its position in shares of Monte Rosa Therapeutics by 123.6% during the second quarter. Squarepoint Ops LLC now owns 82,953 shares of the company's stock worth $2,007,000 after purchasing an additional 45,846 shares during the last quarter. Arizona State Retirement System acquired a new position in Monte Rosa Therapeutics in the second quarter worth about $321,000. HighTower Advisors LLC bought a new stake in Monte Rosa Therapeutics in the second quarter valued at about $371,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Monte Rosa Therapeutics during the second quarter valued at approximately $273,000. 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 medicines that selectively eliminate disease-causing proteins. The company uses its proprietary molecular glue degrader platform to identify small molecules that recruit targeted proteins to the cell's natural protein-disposal machinery, potentially addressing proteins that have been difficult to treat with conventional drugs.

Monte Rosa's pipeline is centered primarily on autoimmune and inflammatory diseases, as well as other serious conditions.

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