Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Sees Large Drop in Short Interest

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) was the recipient of a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 8,070,000 shares, a decline of 7.9% from the January 15th total of 8,760,000 shares. Approximately 17.6% of the company’s shares are short sold. Based on an average trading volume of 1,160,000 shares, the short-interest ratio is presently 7.0 days.

Institutional Inflows and Outflows

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

Monte Rosa Therapeutics Stock Performance

Shares of NASDAQ:GLUE traded down $0.23 during midday trading on Tuesday, hitting $6.55. 397,861 shares of the company’s stock traded hands, compared to its average volume of 749,413. The firm’s fifty day moving average price is $6.57 and its two-hundred day moving average price is $6.64. Monte Rosa Therapeutics has a twelve month low of $3.21 and a twelve month high of $12.40. The company has a market cap of $402.43 million, a PE ratio of -3.58 and a beta of 1.46.

Wall Street Analysts Forecast Growth

GLUE has been the subject of several research analyst reports. Wedbush restated an “outperform” rating and set a $15.00 price target on shares of Monte Rosa Therapeutics in a research note on Thursday, November 7th. Wells Fargo & Company downgraded shares of Monte Rosa Therapeutics from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $14.00 to $11.00 in a research report on Thursday, December 19th.

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.