Monte Rosa Therapeutics (NASDAQ:GLUE) Receives “Outperform” Rating from Wedbush

Monte Rosa Therapeutics (NASDAQ:GLUE)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a report released on Thursday, Benzinga reports. They currently have a $11.00 price objective on the stock. Wedbush’s target price suggests a potential upside of 76.85% from the stock’s current price.

Several other research analysts have also recently weighed in on the stock. Wells Fargo & Company lowered their price target 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. Piper Sandler reiterated an “overweight” rating and issued a $16.00 target price on shares of Monte Rosa Therapeutics in a report on Friday, June 28th.

Monte Rosa Therapeutics Price Performance

GLUE opened at $6.22 on Thursday. The firm has a market capitalization of $314.18 million, a price-to-earnings ratio of -2.47 and a beta of 1.44. The company’s 50 day simple moving average is $4.93 and its two-hundred day simple moving average is $5.26. Monte Rosa Therapeutics has a 1-year low of $2.44 and a 1-year high of $8.84.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.43) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.07. The company had revenue of $4.70 million for the quarter, compared to analysts’ expectations of $3.20 million. On average, equities analysts anticipate that Monte Rosa Therapeutics will post -1.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC lifted its position in Monte Rosa Therapeutics by 108.6% in the second quarter. Renaissance Technologies LLC now owns 254,714 shares of the company’s stock valued at $953,000 after buying an additional 132,614 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Monte Rosa Therapeutics by 111.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 153,758 shares of the company’s stock worth $575,000 after acquiring an additional 81,083 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Monte Rosa Therapeutics in the 2nd quarter worth approximately $38,000. American Century Companies Inc. boosted its position in shares of Monte Rosa Therapeutics by 46.0% during the 2nd quarter. American Century Companies Inc. now owns 49,410 shares of the company’s stock worth $185,000 after purchasing an additional 15,562 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in Monte Rosa Therapeutics by 77.4% in the 2nd quarter. Acadian Asset Management LLC now owns 98,557 shares of the company’s stock valued at $366,000 after purchasing an additional 43,009 shares during the last quarter. 79.96% of the stock is currently 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.