Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Sees Large Decrease in Short Interest

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) was the target of a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 7,030,000 shares, a drop of 12.6% from the February 28th total of 8,040,000 shares. Currently, 15.3% of the company’s shares are sold short. Based on an average trading volume of 805,300 shares, the short-interest ratio is presently 8.7 days.

Insider Activity at Monte Rosa Therapeutics

In other Monte Rosa Therapeutics news, Director Chandra P. Leo acquired 10,000 shares of Monte Rosa Therapeutics stock in a transaction on Monday, March 24th. The shares were purchased at an average cost of $5.84 per share, with a total value of $58,400.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at $58,400. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Monte Rosa Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC raised its position in shares of Monte Rosa Therapeutics by 23.3% in the third 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 grew its holdings in shares of 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 last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of 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 acquiring an additional 8,500 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Monte Rosa Therapeutics by 38.2% during the third quarter. JPMorgan Chase & Co. now owns 18,543 shares of the company’s stock worth $98,000 after purchasing an additional 5,125 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Monte Rosa Therapeutics by 14.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 117,877 shares of the company’s stock valued at $625,000 after acquiring an additional 15,168 shares during the period. 79.96% of the stock is owned by institutional investors.

Monte Rosa Therapeutics Trading Down 8.2 %

Shares of Monte Rosa Therapeutics stock traded down $0.36 during trading on Thursday, reaching $4.05. The stock had a trading volume of 296,195 shares, compared to its average volume of 989,173. The company has a market capitalization of $249.12 million, a price-to-earnings ratio of -2.21 and a beta of 1.50. Monte Rosa Therapeutics has a 52 week low of $3.21 and a 52 week high of $12.40. The stock has a fifty day moving average price of $6.08 and a two-hundred day moving average price of $6.73.

Monte Rosa Therapeutics (NASDAQ:GLUE) last issued its quarterly earnings results on Thursday, March 20th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of ($0.37) by $0.60. The business had revenue of $14.00 million for the quarter, compared to the consensus estimate of $43.73 million. On average, equities analysts forecast that Monte Rosa Therapeutics will post -1.49 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GLUE. Wedbush reaffirmed an “outperform” rating and set a $17.00 price objective (up from $15.00) on shares of Monte Rosa Therapeutics in a research note on Thursday, March 20th. Lifesci Capital initiated coverage on Monte Rosa Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $19.00 price target for the company. Finally, Wells Fargo & Company reduced their price objective on shares of Monte Rosa Therapeutics from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Friday, March 21st.

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.