Monte Rosa Therapeutics (NASDAQ:GLUE) Rating Lowered to “Equal Weight” at Wells Fargo & Company

Wells Fargo & Company cut shares of Monte Rosa Therapeutics (NASDAQ:GLUE) from an overweight rating to an equal weight rating in a research report report published on Thursday, Marketbeat reports. The firm currently has $11.00 target price on the stock, down from their previous target price of $14.00.

Separately, 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.

Monte Rosa Therapeutics Stock Up 6.5 %

NASDAQ GLUE opened at $6.93 on Thursday. Monte Rosa Therapeutics has a fifty-two week low of $3.21 and a fifty-two week high of $12.40. The business has a fifty day moving average of $8.03 and a 200-day moving average of $5.92. The stock has a market cap of $425.76 million, a price-to-earnings ratio of -3.79 and a beta of 1.37.

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

Insiders Place Their Bets

In other Monte Rosa Therapeutics news, major shareholder Versant Venture Capital Vi, L. sold 89,990 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $9.66, for a total transaction of $869,303.40. Following the transaction, the insider now owns 2,007,948 shares of the company’s stock, valued at $19,396,777.68. This trade represents a 4.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Meeder Asset Management Inc. acquired a new stake in Monte Rosa Therapeutics during the second quarter worth about $38,000. SG Americas Securities LLC purchased a new stake in shares of Monte Rosa Therapeutics during the 3rd quarter worth about $55,000. Intech Investment Management LLC acquired a new stake in Monte Rosa Therapeutics during the 3rd quarter worth approximately $77,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings 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 valued at $128,000 after buying an additional 8,500 shares during the period. Finally, MetLife Investment Management LLC acquired a new position in Monte Rosa Therapeutics during the third quarter valued at approximately $132,000. 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.