311,593 Shares in Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Acquired by Ikarian Capital LLC

Ikarian Capital LLC bought a new position in Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) during the third quarter, Holdings Channel.com reports. The fund bought 311,593 shares of the company’s stock, valued at approximately $1,651,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Meeder Asset Management Inc. acquired a new stake in shares of Monte Rosa Therapeutics during the second quarter valued at approximately $38,000. SG Americas Securities LLC acquired a new stake in shares of Monte Rosa Therapeutics during the third quarter valued at approximately $55,000. Intech Investment Management LLC acquired a new stake in shares of Monte Rosa Therapeutics during the third quarter valued at approximately $77,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Monte Rosa Therapeutics by 54.5% during 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 valued at $128,000 after acquiring an additional 8,500 shares during the period. Finally, MetLife Investment Management LLC acquired a new stake in shares of Monte Rosa Therapeutics during the third quarter valued at approximately $132,000. 79.96% of the stock is currently owned by institutional investors.

Monte Rosa Therapeutics Stock Performance

GLUE traded up $0.07 on Tuesday, reaching $10.29. 73,819 shares of the company traded hands, compared to its average volume of 757,163. The stock’s 50 day moving average price is $7.06 and its 200-day moving average price is $5.51. Monte Rosa Therapeutics, Inc. has a 52-week low of $2.95 and a 52-week high of $12.40.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.29) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.16. The company had revenue of $9.22 million for the quarter, compared to analysts’ expectations of $4.54 million. Research analysts expect that Monte Rosa Therapeutics, Inc. will post -1.49 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wedbush restated an “outperform” rating and set a $15.00 price target on shares of Monte Rosa Therapeutics in a report on Thursday, November 7th. Wells Fargo & Company lowered their price objective on shares of 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.

Insiders Place Their Bets

In other Monte Rosa Therapeutics news, major shareholder Versant Venture Capital Vi, L. sold 89,990 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $9.66, for a total value of $869,303.40. Following the completion of the sale, the insider now directly owns 2,007,948 shares of the company’s stock, valued at $19,396,777.68. The trade was a 4.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 1,773,722 shares of company stock valued at $11,573,438 over the last ninety days. Corporate insiders own 6.50% 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.