Wedbush Reiterates Outperform Rating for Monte Rosa Therapeutics (NASDAQ:GLUE)

Monte Rosa Therapeutics (NASDAQ:GLUE)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $11.00 target price on the stock. Wedbush’s price target would suggest a potential upside of 175.69% from the stock’s previous close.

Monte Rosa Therapeutics Stock Down 5.2 %

Monte Rosa Therapeutics stock opened at $3.99 on Wednesday. Monte Rosa Therapeutics has a 52-week low of $2.44 and a 52-week high of $8.84. The company has a market cap of $201.53 million, a price-to-earnings ratio of -1.58 and a beta of 1.54. The firm’s fifty day moving average is $6.12 and its 200 day moving average is $5.38.

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 the consensus estimate of ($0.57) by ($0.01). On average, equities research analysts anticipate that Monte Rosa Therapeutics will post -2.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its position in Monte Rosa Therapeutics by 3.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,096,787 shares of the company’s stock worth $35,933,000 after buying an additional 155,880 shares during the last quarter. EntryPoint Capital LLC bought a new position in Monte Rosa Therapeutics during the first quarter valued at $112,000. Acadian Asset Management LLC raised its stake in shares of Monte Rosa Therapeutics by 92.5% in the first quarter. Acadian Asset Management LLC now owns 55,548 shares of the company’s stock valued at $390,000 after acquiring an additional 26,687 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Monte Rosa Therapeutics by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 1,635,829 shares of the company’s stock worth $11,533,000 after acquiring an additional 47,412 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in shares of Monte Rosa Therapeutics by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 23,327 shares of the company’s stock worth $132,000 after purchasing an additional 5,915 shares during the period. Hedge funds and other institutional investors 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.