Monte Rosa Therapeutics (NASDAQ:GLUE) Sets New 12-Month High – Time to Buy?

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) hit a new 52-week high on Monday . The stock traded as high as $11.10 and last traded at $10.53, with a volume of 51712770 shares. The stock had previously closed at $4.89.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GLUE shares. Wells Fargo & Company reduced their price target on Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating on the stock in a report on Monday, August 12th. Wedbush reiterated an “outperform” rating and issued a $11.00 price target on shares of Monte Rosa Therapeutics in a report on Thursday, September 12th.

Monte Rosa Therapeutics Stock Down 3.1 %

The company has a market cap of $458.65 million, a P/E ratio of -3.72 and a beta of 1.43. The firm has a 50 day moving average of $5.81 and a 200-day moving average of $4.97.

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, beating 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. On average, research analysts predict that Monte Rosa Therapeutics, Inc. will post -1.89 EPS for the current fiscal year.

Insider Buying and Selling at Monte Rosa Therapeutics

In other news, major shareholder Versant Venture Capital Vi, L. sold 541,897 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $6.00, for a total value of $3,251,382.00. Following the completion of the sale, the insider now owns 6,257,218 shares of the company’s stock, valued at $37,543,308. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders have sold 1,683,732 shares of company stock valued at $10,704,135. 6.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GLUE. Vanguard Group Inc. boosted its holdings in shares of Monte Rosa Therapeutics by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 1,635,829 shares of the company’s stock worth $11,533,000 after purchasing an additional 47,412 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Monte Rosa Therapeutics by 92.5% during the 1st quarter. Acadian Asset Management LLC now owns 55,548 shares of the company’s stock valued at $390,000 after buying an additional 26,687 shares during the period. EntryPoint Capital LLC purchased a new stake in shares of Monte Rosa Therapeutics during the 1st quarter valued at approximately $112,000. Price T Rowe Associates Inc. MD raised its position in shares of Monte Rosa Therapeutics by 3.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,096,787 shares of the company’s stock valued at $35,933,000 after buying an additional 155,880 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Monte Rosa Therapeutics by 16.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 109,864 shares of the company’s stock valued at $411,000 after buying an additional 15,845 shares during the period. 79.96% of the stock is currently owned by institutional investors and hedge funds.

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.