Monte Rosa Therapeutics (NASDAQ:GLUE) Shares Down 8.9%

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

Analyst Upgrades and Downgrades

Separately, Wedbush began coverage on Monte Rosa Therapeutics in a research note on Thursday, February 15th. They set an “outperform” rating and a $11.00 price target on the stock.

Monte Rosa Therapeutics Stock Performance

The firm has a market cap of $329.49 million, a PE ratio of -2.49 and a beta of 1.45. The company has a 50 day simple moving average of $6.34 and a two-hundred day simple moving average of $5.11.

Monte Rosa Therapeutics (NASDAQ:GLUE) last posted its quarterly 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, research analysts predict that Monte Rosa Therapeutics, Inc. will post -2.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Monte Rosa Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Swiss National Bank boosted its position in Monte Rosa Therapeutics by 7.4% during the first quarter. Swiss National Bank now owns 27,500 shares of the company’s stock worth $386,000 after purchasing an additional 1,900 shares in the last quarter. ProShare Advisors LLC acquired a new position in Monte Rosa Therapeutics during the first quarter worth $144,000. JPMorgan Chase & Co. lifted its holdings in Monte Rosa Therapeutics by 92.8% during the first quarter. JPMorgan Chase & Co. now owns 22,512 shares of the company’s stock valued at $316,000 after purchasing an additional 10,838 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Monte Rosa Therapeutics by 132.4% in the first quarter. Bank of New York Mellon Corp now owns 74,319 shares of the company’s stock valued at $1,042,000 after purchasing an additional 42,340 shares during the period. Finally, MetLife Investment Management LLC purchased a new stake in shares of Monte Rosa Therapeutics during the first quarter worth about $255,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.