Monte Rosa Therapeutics (NASDAQ:GLUE) Shares Gap Up – Still a Buy?

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE)’s share price gapped up prior to trading 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 traded.

Analyst Upgrades and Downgrades

GLUE has been the topic of several research reports. Wedbush reissued an “outperform” rating and set a $15.00 price objective on shares of Monte Rosa Therapeutics in a research note on Thursday, November 7th. Wells Fargo & Company cut their price target on Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating on the stock in a research note on Monday, August 12th.

Monte Rosa Therapeutics Price Performance

The firm’s 50 day moving average price is $6.75 and its 200-day moving average price is $5.37.

Monte Rosa Therapeutics (NASDAQ:GLUE) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.29) earnings per share (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 the consensus estimate of $4.54 million. On average, research analysts forecast that Monte Rosa Therapeutics, Inc. will post -1.49 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Versant Venture Capital Vi, L. sold 541,897 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $6.00, for a total transaction of $3,251,382.00. Following the completion of the sale, the insider now directly owns 6,257,218 shares in the company, valued at approximately $37,543,308. The trade was a 7.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 1,773,722 shares of company stock worth $11,573,438. 6.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. purchased a new stake in shares of Monte Rosa Therapeutics in the 2nd quarter worth $38,000. SG Americas Securities LLC purchased a new stake in Monte Rosa Therapeutics in the third quarter worth about $55,000. Intech Investment Management LLC bought a new position in shares of Monte Rosa Therapeutics in the third quarter worth about $77,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of 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 buying an additional 8,500 shares during the period. Finally, MetLife Investment Management LLC purchased a new position in shares of Monte Rosa Therapeutics during the 3rd quarter valued at about $132,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Monte Rosa Therapeutics Company Profile

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.