Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Sees Significant Growth in Short Interest

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 7,840,000 shares, an increase of 49.9% from the October 15th total of 5,230,000 shares. Currently, 17.0% of the company’s stock are short sold. Based on an average daily volume of 2,080,000 shares, the days-to-cover ratio is presently 3.8 days.

Analyst Upgrades and Downgrades

Several analysts have commented on GLUE shares. Wedbush reissued an “outperform” rating and issued a $15.00 target price on shares of Monte Rosa Therapeutics in a research report on Thursday, November 7th. Wells Fargo & Company lowered their target price on shares of Monte Rosa Therapeutics from $18.00 to $17.00 and set an “overweight” rating on the stock in a research report on Monday, August 12th.

Monte Rosa Therapeutics Stock Down 8.7 %

Shares of NASDAQ:GLUE traded down $0.74 during trading on Friday, reaching $7.74. The stock had a trading volume of 881,291 shares, compared to its average volume of 755,507. The stock has a fifty day simple moving average of $6.54 and a two-hundred day simple moving average of $5.28. The firm has a market capitalization of $475.52 million, a price-to-earnings ratio of -4.23 and a beta of 1.30. Monte Rosa Therapeutics has a 52 week low of $2.91 and a 52 week high of $12.40.

Monte Rosa Therapeutics (NASDAQ:GLUE) last released its earnings results 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 for the quarter, compared to analyst estimates of $4.54 million. On average, analysts forecast that Monte Rosa Therapeutics will post -1.02 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Versant Venture Capital Vi, L. sold 9,269 shares of Monte Rosa Therapeutics stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.16, for a total transaction of $57,097.04. Following the completion of the sale, the insider now directly owns 6,231,902 shares in the company, valued at $38,388,516.32. The trade was a 0.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders sold 1,773,722 shares of company stock worth $11,573,438. 6.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Monte Rosa Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC raised its position in Monte Rosa Therapeutics by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,044,689 shares of the company’s stock valued at $5,538,000 after purchasing an additional 197,247 shares during the last quarter. Barclays PLC increased its stake in Monte Rosa Therapeutics by 395.1% in the third quarter. Barclays PLC now owns 54,508 shares of the company’s stock valued at $289,000 after purchasing an additional 43,499 shares in the last quarter. Wellington Management Group LLP raised its stake in Monte Rosa Therapeutics by 30.2% during the 3rd quarter. Wellington Management Group LLP now owns 217,001 shares of the company’s stock worth $1,150,000 after buying an additional 50,330 shares during the period. State Street Corp increased its holdings in shares of Monte Rosa Therapeutics by 8.1% in the third quarter. State Street Corp now owns 687,577 shares of the company’s stock worth $3,644,000 after acquiring an additional 51,493 shares in the last quarter. Finally, Ikarian Capital LLC acquired a new position in shares of Monte Rosa Therapeutics in the 3rd quarter valued at approximately $1,651,000. 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.