Monte Rosa Therapeutics (NASDAQ:GLUE) Stock Price Down 8.9%

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE)’s share price was down 8.9% during mid-day trading on Monday . The stock traded as low as $6.51 and last traded at $6.57. Approximately 121,832 shares changed hands during trading, a decline of 19% from the average daily volume of 150,530 shares. The stock had previously closed at $7.21.

Analyst Upgrades and Downgrades

Separately, Wedbush started coverage on shares of Monte Rosa Therapeutics in a research report on Thursday, February 15th. They set an “outperform” rating and a $11.00 price objective on the stock.

Monte Rosa Therapeutics Price Performance

The company has a market cap of $290.87 million, a price-to-earnings ratio of -2.30 and a beta of 1.45. The business’s 50-day simple moving average is $6.36 and its 200-day simple moving average is $5.12.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced its earnings results on Thursday, March 14th. The company reported ($0.58) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.01). As a group, sell-side analysts forecast that Monte Rosa Therapeutics, Inc. will post -2.25 EPS for the current year.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its stake in shares of Monte Rosa Therapeutics by 27.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,940,907 shares of the company’s stock valued at $27,917,000 after purchasing an additional 1,070,360 shares during the period. Barclays PLC boosted its stake in shares of Monte Rosa Therapeutics by 365.2% in the fourth quarter. Barclays PLC now owns 61,268 shares of the company’s stock valued at $346,000 after purchasing an additional 48,097 shares during the period. Sphera Funds Management LTD. purchased a new position in shares of Monte Rosa Therapeutics in the fourth quarter valued at $274,000. Balyasny Asset Management L.P. purchased a new position in shares of Monte Rosa Therapeutics in the fourth quarter valued at $219,000. Finally, UBS Group AG boosted its stake in shares of Monte Rosa Therapeutics by 62.8% in the fourth quarter. UBS Group AG now owns 37,948 shares of the company’s stock valued at $214,000 after purchasing an additional 14,639 shares during the period. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.