Monte Rosa Therapeutics (NASDAQ:GLUE) Price Target Cut to $17.00

Monte Rosa Therapeutics (NASDAQ:GLUE) had its price objective dropped by Wells Fargo & Company from $18.00 to $17.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 321.84% from the stock’s previous close.

GLUE has been the topic of a number of other research reports. Piper Sandler restated an “overweight” rating and issued a $16.00 price target on shares of Monte Rosa Therapeutics in a research report on Friday, June 28th. Wedbush restated an “outperform” rating and issued a $11.00 target price on shares of Monte Rosa Therapeutics in a report on Wednesday, May 22nd.

Monte Rosa Therapeutics Stock Performance

Shares of Monte Rosa Therapeutics stock traded up $0.09 on Monday, hitting $4.03. The stock had a trading volume of 51,274 shares, compared to its average volume of 187,204. The stock has a 50 day moving average of $4.04 and a 200 day moving average of $5.18. The firm has a market capitalization of $203.56 million, a P/E ratio of -1.61 and a beta of 1.39. Monte Rosa Therapeutics has a twelve month low of $2.44 and a twelve month high of $8.84.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced its earnings results on Thursday, August 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.50) by $0.07. The company had revenue of $4.70 million for the quarter, compared to the consensus estimate of $3.20 million. Equities analysts expect that Monte Rosa Therapeutics will post -1.92 earnings per share for the current year.

Institutional Trading of Monte Rosa Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. bought a new stake in Monte Rosa Therapeutics during the 2nd quarter valued at $38,000. EntryPoint Capital LLC purchased a new position in shares of Monte Rosa Therapeutics during the first quarter valued at approximately $112,000. American Century Companies Inc. raised its position in Monte Rosa Therapeutics by 46.0% in the 2nd quarter. American Century Companies Inc. now owns 49,410 shares of the company’s stock valued at $185,000 after buying an additional 15,562 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Monte Rosa Therapeutics by 77.4% during the 2nd quarter. Acadian Asset Management LLC now owns 98,557 shares of the company’s stock valued at $366,000 after acquiring an additional 43,009 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Monte Rosa Therapeutics by 16.9% during the second quarter. Bank of New York Mellon Corp now owns 109,864 shares of the company’s stock valued at $411,000 after purchasing an additional 15,845 shares in the last quarter. 79.96% of the stock is owned by 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.