Monte Rosa Therapeutics (NASDAQ:GLUE) Shares Gap Up – Here’s Why

Shares of Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) gapped up prior to trading on Monday . The stock had previously closed at $8.49, but opened at $8.90. Monte Rosa Therapeutics shares last traded at $8.90, with a volume of 8,330 shares.

Analyst Ratings Changes

Several research firms have recently weighed in on GLUE. Wedbush restated an “outperform” rating and set a $15.00 price objective on shares of Monte Rosa Therapeutics in a research report on Thursday, November 7th. Wells Fargo & Company dropped their price target on Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating for the company in a research note on Monday, August 12th.

Monte Rosa Therapeutics Price Performance

The stock’s 50 day moving average price is $6.75 and its 200-day moving average price is $5.37.

Monte Rosa Therapeutics (NASDAQ:GLUE) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.16. The business had revenue of $9.22 million for the quarter, compared to analysts’ expectations of $4.54 million. As a group, analysts forecast that Monte Rosa Therapeutics, Inc. will post -1.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Versant Venture Capital Vi, L. sold 541,897 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $6.00, for a total value of $3,251,382.00. Following the sale, the insider now directly owns 6,257,218 shares of the company’s stock, valued at $37,543,308. This trade represents a 7.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 1,773,722 shares of company stock valued at $11,573,438 in the last ninety days. Company insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GLUE. Meeder Asset Management Inc. purchased a new position in shares of Monte Rosa Therapeutics during the second quarter valued at about $38,000. SG Americas Securities LLC purchased a new position in shares of Monte Rosa Therapeutics during the 3rd quarter worth approximately $55,000. Intech Investment Management LLC bought a new position in shares of Monte Rosa Therapeutics in the 3rd quarter worth approximately $77,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Monte Rosa Therapeutics by 54.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,100 shares of the company’s stock valued at $128,000 after purchasing an additional 8,500 shares during the period. Finally, MetLife Investment Management LLC bought a new stake in shares of Monte Rosa Therapeutics during the third quarter valued at approximately $132,000. Institutional investors own 79.96% of the company’s stock.

Monte Rosa Therapeutics Company Profile

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.