Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Short Interest Update

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) saw a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 8,070,000 shares, a decline of 7.9% from the January 15th total of 8,760,000 shares. Currently, 17.6% of the company’s shares are short sold. Based on an average daily trading volume, of 1,160,000 shares, the days-to-cover ratio is currently 7.0 days.

Monte Rosa Therapeutics Price Performance

Monte Rosa Therapeutics stock traded up $0.06 during mid-day trading on Monday, reaching $6.78. 283,910 shares of the company traded hands, compared to its average volume of 712,910. The firm’s 50 day moving average price is $6.62 and its 200 day moving average price is $6.62. The firm has a market capitalization of $416.54 million, a price-to-earnings ratio of -3.70 and a beta of 1.46. Monte Rosa Therapeutics has a 52-week low of $3.21 and a 52-week high of $12.40.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in Monte Rosa Therapeutics by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,044,689 shares of the company’s stock valued at $5,538,000 after purchasing an additional 197,247 shares during the period. Barclays PLC increased its position in Monte Rosa Therapeutics by 395.1% during the 3rd quarter. Barclays PLC now owns 54,508 shares of the company’s stock valued at $289,000 after purchasing an additional 43,499 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position 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. JPMorgan Chase & Co. increased its position in Monte Rosa Therapeutics by 38.2% during the 3rd 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 period. Finally, The Manufacturers Life Insurance Company increased its position in Monte Rosa Therapeutics by 14.8% during the 3rd 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 period. 79.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on GLUE shares. Wells Fargo & Company downgraded shares of Monte Rosa Therapeutics from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $14.00 to $11.00 in a research note on Thursday, December 19th. Wedbush reaffirmed an “outperform” rating and issued a $15.00 target price on shares of Monte Rosa Therapeutics in a research note on Thursday, November 7th.

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.