Monte Rosa Therapeutics (NASDAQ:GLUE) Stock Jumps 8% - Here's What Happened

Key Points

• Monte Rosa Therapeutics shares rose 8% to about $10.52, although trading volume was 74% below the stock’s average session volume.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $26.67; UBS raised its target to $19, while JPMorgan cut its target to $27.
• The company reported weaker-than-expected quarterly results, including an EPS loss of $0.43 versus the expected $0.38 loss and revenue of $8.97 million versus the $12.91 million estimate. Institutional investors own nearly 80% of the stock.

Shares of Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE - Get Free Report) rose 8% on Monday. The stock traded as high as $10.34 and last traded at $10.5150. 349,287 shares were traded during trading, a decline of 74% from the average session volume of 1,360,985 shares. The stock had previously closed at $9.74.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on GLUE shares. Jefferies Financial Group reissued a "buy" rating on shares of Monte Rosa Therapeutics in a report on Monday, July 27th. UBS Group reiterated a "buy" rating and issued a $19.00 target price (up from $17.00) on shares of Monte Rosa Therapeutics in a research report on Sunday, October 11th. 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. Benchmark reissued a "buy" rating on shares of Monte Rosa Therapeutics in a research note on Monday, October 5th. Finally, 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. One research 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 given a Sell rating to the stock. According to MarketBeat, Monte Rosa Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $26.67.

Monte Rosa Therapeutics Stock Up 8.0%

The stock has a market capitalization of $897.07 million, a price-to-earnings ratio of -5.97 and a beta of 1.37. The business's 50-day moving average is $12.97 and its two-hundred day moving average is $17.33.

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 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 business had revenue of $8.97 million during the quarter, compared to analyst estimates of $12.91 million. As a group, analysts forecast that Monte Rosa Therapeutics, Inc. will post -1.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Monte Rosa Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in GLUE. Allworth Financial LP purchased a new position in Monte Rosa Therapeutics during the second quarter worth about $30,000. SG Americas Securities LLC boosted its position in Monte Rosa Therapeutics by 18.5% in the 1st quarter. SG Americas Securities LLC now owns 20,468 shares of the company's stock valued at $337,000 after buying an additional 3,189 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Monte Rosa Therapeutics in the third quarter worth $48,000. Strs Ohio increased its position in shares of Monte Rosa Therapeutics by 18.3% during the first quarter. Strs Ohio now owns 42,700 shares of the company's stock worth $702,000 after acquiring an additional 6,600 shares during the period. Finally, E Fund Management Co. Ltd. purchased a new stake in shares of Monte Rosa Therapeutics during the second quarter worth $200,000. Institutional investors and hedge funds own 79.96% of the company's stock.

About Monte Rosa Therapeutics

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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