Monte Rosa Therapeutics (NASDAQ:GLUE) Earns Outperform Rating from Wedbush

Monte Rosa Therapeutics (NASDAQ:GLUE)‘s stock had its “outperform” rating restated by analysts at Wedbush in a note issued to investors on Thursday,RTT News reports. They currently have a $17.00 price objective on the stock, up from their previous price objective of $15.00. Wedbush’s target price indicates a potential upside of 140.79% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Wells Fargo & Company downgraded Monte Rosa Therapeutics from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $14.00 to $11.00 in a report on Thursday, December 19th. Lifesci Capital began coverage on Monte Rosa Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $19.00 price objective for the company.

Monte Rosa Therapeutics Price Performance

NASDAQ:GLUE traded up $0.36 during mid-day trading on Thursday, reaching $7.06. The company’s stock had a trading volume of 2,472,287 shares, compared to its average volume of 928,223. The company’s fifty day simple moving average is $6.16 and its two-hundred day simple moving average is $6.77. Monte Rosa Therapeutics has a twelve month low of $3.21 and a twelve month high of $12.40. The stock has a market cap of $433.75 million, a P/E ratio of -3.86 and a beta of 1.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Monte Rosa Therapeutics by 9.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,701 shares of the company’s stock valued at $172,000 after acquiring an additional 2,084 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Monte Rosa Therapeutics by 192.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,443 shares of the company’s stock valued at $38,000 after acquiring an additional 3,584 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Monte Rosa Therapeutics by 2.2% in the 4th quarter. Bank of New York Mellon Corp now owns 170,312 shares of the company’s stock worth $1,182,000 after buying an additional 3,619 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Monte Rosa Therapeutics by 2.2% in the 4th quarter. Wellington Management Group LLP now owns 221,741 shares of the company’s stock worth $1,539,000 after buying an additional 4,740 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Monte Rosa Therapeutics by 38.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 18,543 shares of the company’s stock worth $98,000 after buying an additional 5,125 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.