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

by · The Markets Daily

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

Wall Street Analyst Weigh In

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

Check Out Our Latest Report on Monte Rosa Therapeutics

Monte Rosa Therapeutics Trading Down 11.8 %

Shares of NASDAQ GLUE opened at $3.89 on Friday. The company has a fifty day moving average price of $6.05 and a 200 day moving average price of $6.71. Monte Rosa Therapeutics has a 1-year low of $3.21 and a 1-year high of $12.40. The firm has a market cap of $239.27 million, a PE ratio of -2.13 and a beta of 1.50.

Monte Rosa Therapeutics (NASDAQ:GLUE – Get Free Report) last announced its earnings results on Thursday, March 20th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.60. The firm had revenue of $14.00 million during the quarter, compared to analyst estimates of $43.73 million. Equities research analysts forecast that Monte Rosa Therapeutics will post -1.49 EPS for the current year.

Insider Buying and Selling at Monte Rosa Therapeutics

In other news, Director Chandra P. Leo purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were acquired at an average cost of $5.84 per share, for a total transaction of $58,400.00. Following 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 acquisition was disclosed in a filing with the SEC, which is available at this link. Insiders own 6.50% of the company’s stock.

Institutional Trading of Monte Rosa Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in GLUE. Tower Research Capital LLC TRC grew its position in Monte Rosa Therapeutics by 192.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,443 shares of the company’s stock valued at $38,000 after purchasing an additional 3,584 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Monte Rosa Therapeutics by 10,665.5% during the 4th quarter. GAMMA Investing LLC now owns 5,921 shares of the company’s stock worth $41,000 after buying an additional 5,866 shares during the last quarter. BNP Paribas Financial Markets bought a new position in shares of Monte Rosa Therapeutics in the 4th quarter valued at about $43,000. Virtus ETF Advisers LLC acquired a new stake in shares of Monte Rosa Therapeutics in the fourth quarter valued at about $63,000. Finally, Intech Investment Management LLC bought a new stake in Monte Rosa Therapeutics during the third quarter worth about $77,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Monte Rosa Therapeutics Company Profile

(Get Free Report)

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.

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