Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Sees Significant Drop in Short Interest

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) was the target of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 5,410,000 shares, a decline of 23.0% from the March 15th total of 7,030,000 shares. Based on an average daily trading volume, of 785,800 shares, the short-interest ratio is presently 6.9 days. Currently, 11.8% of the shares of the company are short sold.

Insider Buying and Selling

In related news, Director Chandra P. Leo acquired 10,000 shares of the business’s stock in a transaction on Monday, March 24th. The stock was purchased at an average cost of $5.84 per share, for a total transaction of $58,400.00. Following the completion of the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $58,400. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Monte Rosa Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Monte Rosa Therapeutics by 54.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,100 shares of the company’s stock worth $128,000 after purchasing an additional 8,500 shares during the period. State Street Corp lifted its position in shares of Monte Rosa Therapeutics by 8.1% during the third quarter. State Street Corp now owns 687,577 shares of the company’s stock valued at $3,644,000 after purchasing an additional 51,493 shares in the last quarter. Wellington Management Group LLP boosted its position in Monte Rosa Therapeutics by 30.2% in the third quarter. Wellington Management Group LLP now owns 217,001 shares of the company’s stock worth $1,150,000 after purchasing an additional 50,330 shares during the last quarter. Barclays PLC grew its position 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 acquiring an additional 43,499 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Monte Rosa Therapeutics by 23.3% during 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 last quarter. 79.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Monte Rosa Therapeutics Trading Up 3.2 %

Shares of NASDAQ GLUE opened at $4.55 on Monday. The company has a market cap of $279.87 million, a price-to-earnings ratio of -2.49 and a beta of 1.53. 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 moving average price of $5.49 and a two-hundred day moving average price of $6.58.

Monte Rosa Therapeutics (NASDAQ:GLUE) last released its quarterly earnings results on Thursday, March 20th. The company reported $0.23 earnings per share (EPS) for the quarter, beating 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, sell-side analysts predict that Monte Rosa Therapeutics will post -1.49 earnings per share for the current year.

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.