Monte Rosa Therapeutics (NASDAQ:GLUE) Sets New 52-Week High – Here’s Why

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $16.71 and last traded at $16.8730, with a volume of 931732 shares changing hands. The stock had previously closed at $15.41.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GLUE shares. Wells Fargo & Company increased their target price on shares of Monte Rosa Therapeutics from $10.00 to $13.00 and gave the stock an “equal weight” rating in a report on Friday, November 7th. Weiss Ratings restated a “sell (d+)” rating on shares of Monte Rosa Therapeutics in a research report on Friday, October 31st. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Monte Rosa Therapeutics has a consensus rating of “Hold” and a consensus price target of $16.33.

Monte Rosa Therapeutics Trading Up 9.5%

The stock’s 50 day moving average is $11.58 and its two-hundred day moving average is $7.27. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 52.73 and a beta of 1.60.

Monte Rosa Therapeutics (NASDAQ:GLUE) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.06. Monte Rosa Therapeutics had a return on equity of 8.28% and a net margin of 11.54%.The firm had revenue of $12.77 million during the quarter, compared to the consensus estimate of $7.37 million. On average, research analysts anticipate that Monte Rosa Therapeutics, Inc. will post -1.49 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GLUE. Royce & Associates LP boosted its holdings in shares of Monte Rosa Therapeutics by 8.3% in the 3rd quarter. Royce & Associates LP now owns 11,024 shares of the company’s stock valued at $82,000 after buying an additional 848 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Monte Rosa Therapeutics by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 119,836 shares of the company’s stock worth $540,000 after acquiring an additional 2,529 shares in the last quarter. Lazard Asset Management LLC lifted its stake in Monte Rosa Therapeutics by 42.9% in the second quarter. Lazard Asset Management LLC now owns 10,857 shares of the company’s stock valued at $48,000 after acquiring an additional 3,262 shares during the last quarter. Man Group plc lifted its stake in Monte Rosa Therapeutics by 11.5% in the third quarter. Man Group plc now owns 40,575 shares of the company’s stock valued at $301,000 after acquiring an additional 4,184 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new position in shares of Monte Rosa Therapeutics in the 3rd quarter valued at about $32,000. 79.96% of the stock is owned by institutional investors and hedge funds.

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.