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

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE)’s share price gapped up before the market opened 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.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Wedbush reissued an “outperform” rating and set a $15.00 target price 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 on the stock in a research report on Monday, August 12th.

Monte Rosa Therapeutics Stock Performance

The stock has a 50-day moving average of $6.81 and a 200-day moving average of $5.39.

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

Insider Activity

In other news, major shareholder Versant Venture Capital Vi, L. sold 9,269 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.16, for a total transaction of $57,097.04. Following the completion of the sale, the insider now directly owns 6,231,902 shares of the company’s stock, valued at $38,388,516.32. This trade represents a 0.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 1,773,722 shares of company stock worth $11,573,438 over the last three months. Corporate insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Monte Rosa Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Monte Rosa Therapeutics by 54.5% during 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. Meeder Asset Management Inc. purchased a new stake in Monte Rosa Therapeutics in the 2nd quarter worth approximately $38,000. SG Americas Securities LLC purchased a new position in shares of Monte Rosa Therapeutics during the 3rd quarter valued at $55,000. Intech Investment Management LLC acquired a new position in shares of Monte Rosa Therapeutics in the third quarter worth $77,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Monte Rosa Therapeutics by 14.8% during the third quarter. The Manufacturers Life Insurance Company now owns 117,877 shares of the company’s stock worth $625,000 after acquiring an additional 15,168 shares in the last quarter. Hedge funds and other institutional investors 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.