Monte Rosa Therapeutics (NASDAQ:GLUE) Stock Jumps 8% – Here’s Why

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) shares were up 8% on Monday. The company traded as high as $10.34 and last traded at $10.5150. Approximately 349,287 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 1,360,985 shares. The stock had previously closed at $9.74.

Analysts Set New Price Targets

GLUE has been the subject of several research analyst reports. TD Cowen upgraded shares of Monte Rosa Therapeutics to a “strong-buy” rating in a research report on Monday, August 24th. Benchmark reissued a “buy” rating on shares of Monte Rosa Therapeutics in a report on Monday, October 5th. Zacks Research upgraded shares of Monte Rosa Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Jefferies Financial Group restated a “buy” rating on shares of Monte Rosa Therapeutics in a research report on Monday, July 27th. Finally, UBS Group reaffirmed a “buy” rating and set a $19.00 price objective (up from $17.00) on shares of Monte Rosa Therapeutics in a report on Sunday, October 11th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $26.67.

Monte Rosa Therapeutics Trading Up 6.6%

The business has a fifty day moving average price of $12.78 and a 200-day moving average price of $17.25. The stock has a market capitalization of $969.12 million, a PE ratio of -6.45 and a beta of 1.37.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced 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 firm had revenue of $8.97 million for the quarter, compared to the consensus estimate of $12.91 million. Monte Rosa Therapeutics had a negative net margin of 560.85% and a negative return on equity of 43.31%. On average, equities analysts anticipate that Monte Rosa Therapeutics, Inc. will post -1.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Monte Rosa Therapeutics during the 2nd quarter valued at about $165,603,000. Jupiter Topco LLC bought a new position in Monte Rosa Therapeutics during the 2nd quarter worth approximately $25,965,000. Opaleye Management Inc. bought a new position in Monte Rosa Therapeutics during the 2nd quarter worth approximately $18,029,000. Janus Henderson Group PLC bought a new position in Monte Rosa Therapeutics during the 1st quarter worth approximately $11,294,000. Finally, Nantahala Capital Management LLC purchased a new position in Monte Rosa Therapeutics in the 2nd quarter worth approximately $15,778,231. 79.96% of the stock is owned by hedge funds and other institutional investors.

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.