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

Monte Rosa Therapeutics (NASDAQ:GLUE)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a research note issued on Thursday,RTT News reports. They presently have a $17.00 target price on the stock, up from their previous target price of $15.00. Wedbush’s price target would suggest a potential upside of 140.79% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Lifesci Capital started coverage on Monte Rosa Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $19.00 price objective for the company. Wells Fargo & Company cut Monte Rosa Therapeutics from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $14.00 to $11.00 in a research note on Thursday, December 19th.

Monte Rosa Therapeutics Price Performance

Monte Rosa Therapeutics stock traded up $0.36 during trading on Thursday, reaching $7.06. 2,472,287 shares of the company were exchanged, compared to its average volume of 928,223. Monte Rosa Therapeutics has a 52-week low of $3.21 and a 52-week high of $12.40. The company has a market capitalization of $433.75 million, a P/E ratio of -3.86 and a beta of 1.50. The stock’s 50 day simple moving average is $6.16 and its two-hundred day simple moving average is $6.77.

Institutional Trading of Monte Rosa Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in GLUE. Geode Capital Management LLC increased its stake in Monte Rosa Therapeutics by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,044,689 shares of the company’s stock valued at $5,538,000 after buying an additional 197,247 shares during the period. Barclays PLC raised its position in Monte Rosa Therapeutics by 395.1% in the third quarter. Barclays PLC now owns 54,508 shares of the company’s stock worth $289,000 after acquiring an additional 43,499 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Monte Rosa Therapeutics by 54.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,100 shares of the company’s stock worth $128,000 after acquiring an additional 8,500 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Monte Rosa Therapeutics by 38.2% in the third quarter. JPMorgan Chase & Co. now owns 18,543 shares of the company’s stock valued at $98,000 after purchasing an additional 5,125 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Monte Rosa Therapeutics by 14.8% in the third quarter. The Manufacturers Life Insurance Company now owns 117,877 shares of the company’s stock valued at $625,000 after purchasing an additional 15,168 shares during the last quarter. 79.96% of the stock is owned by hedge funds and other institutional investors.

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.