Monte Rosa Therapeutics (NASDAQ:GLUE) Downgraded to “Equal Weight” Rating by Wells Fargo & Company

Monte Rosa Therapeutics (NASDAQ:GLUE) was downgraded by analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a note issued to investors on Thursday, MarketBeat reports. They presently have a $11.00 price objective on the stock, down from their prior price objective of $14.00. Wells Fargo & Company‘s price target suggests a potential upside of 58.73% from the company’s previous close.

Separately, Wedbush reissued an “outperform” rating and issued a $15.00 price objective on shares of Monte Rosa Therapeutics in a report on Thursday, November 7th.

Monte Rosa Therapeutics Price Performance

GLUE opened at $6.93 on Thursday. The firm has a fifty day moving average price of $8.03 and a 200 day moving average price of $5.92. Monte Rosa Therapeutics has a 1 year low of $3.21 and a 1 year high of $12.40. The stock has a market cap of $425.76 million, a P/E ratio of -3.79 and a beta of 1.37.

Monte Rosa Therapeutics (NASDAQ:GLUE) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.16. The firm had revenue of $9.22 million during the quarter, compared to analyst estimates of $4.54 million. Equities analysts expect that Monte Rosa Therapeutics will post -1.49 EPS for the current year.

Insider Activity

In other Monte Rosa Therapeutics news, major shareholder Versant Venture Capital Vi, L. sold 89,990 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $9.66, for a total transaction of $869,303.40. Following the completion of the transaction, the insider now owns 2,007,948 shares of the company’s stock, valued at $19,396,777.68. This represents a 4.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 6.50% of the company’s stock.

Institutional Trading of Monte Rosa Therapeutics

Several large investors have recently made changes to their positions in GLUE. Meeder Asset Management Inc. purchased a new position in Monte Rosa Therapeutics in the 2nd quarter valued at $38,000. SG Americas Securities LLC acquired a new stake in shares of Monte Rosa Therapeutics in the third quarter valued at about $55,000. Intech Investment Management LLC purchased a new position in shares of Monte Rosa Therapeutics in the third quarter worth about $77,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position 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 acquiring an additional 8,500 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in Monte Rosa Therapeutics during the 3rd quarter valued at about $132,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

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.