Wells Fargo & Company Downgrades Monte Rosa Therapeutics (NASDAQ:GLUE) to Equal Weight

Wells Fargo & Company cut shares of Monte Rosa Therapeutics (NASDAQ:GLUE) from an overweight rating to an equal weight rating in a report published on Thursday, Marketbeat Ratings reports. The brokerage currently has $11.00 price target on the stock, down from their previous price target 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 report on Thursday, November 7th.

Monte Rosa Therapeutics Trading Down 7.4 %

NASDAQ GLUE opened at $6.51 on Thursday. The company has a market capitalization of $399.95 million, a PE ratio of -3.56 and a beta of 1.37. Monte Rosa Therapeutics has a 12 month low of $3.21 and a 12 month high of $12.40. The stock has a 50-day simple moving average of $7.99 and a 200 day simple moving average of $5.90.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced its quarterly earnings results 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 firm had revenue of $9.22 million during the quarter, compared to analyst estimates of $4.54 million. As a group, sell-side analysts predict that Monte Rosa Therapeutics will post -1.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Monte Rosa Therapeutics

In other news, major shareholder Versant Venture Capital Vi, L. sold 89,990 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $9.66, for a total transaction of $869,303.40. Following the completion of the transaction, the insider now directly owns 2,007,948 shares in the company, valued at $19,396,777.68. This represents a 4.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 6.50% of the company’s stock.

Institutional Trading of Monte Rosa Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. acquired a new position in shares of Monte Rosa Therapeutics during the 2nd quarter worth approximately $38,000. SG Americas Securities LLC acquired a new stake in Monte Rosa Therapeutics in the third quarter valued at $55,000. Intech Investment Management LLC acquired a new stake in Monte Rosa Therapeutics in the third quarter valued at $77,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Monte Rosa Therapeutics by 54.5% in 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 acquiring an additional 8,500 shares during the period. Finally, MetLife Investment Management LLC acquired a new position in shares of Monte Rosa Therapeutics during the 3rd quarter worth about $132,000. Institutional investors own 79.96% 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.