Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Stake Boosted by Millennium Management LLC

Millennium Management LLC increased its stake in Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) by 51.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,370 shares of the company’s stock after purchasing an additional 15,749 shares during the quarter. Millennium Management LLC owned approximately 0.08% of Monte Rosa Therapeutics worth $322,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of GLUE. Versant Venture Management LLC purchased a new position in Monte Rosa Therapeutics in the 4th quarter worth about $39,231,000. BVF Inc. IL purchased a new position in Monte Rosa Therapeutics during the 4th quarter valued at about $19,185,000. Vanguard Group Inc. grew its stake in Monte Rosa Therapeutics by 24.5% during the 4th quarter. Vanguard Group Inc. now owns 3,156,354 shares of the company’s stock valued at $21,905,000 after acquiring an additional 622,134 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Monte Rosa Therapeutics by 7.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,116,637 shares of the company’s stock valued at $49,391,000 after acquiring an additional 515,496 shares in the last quarter. Finally, Norges Bank purchased a new position in Monte Rosa Therapeutics during the 4th quarter valued at about $3,094,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Insider Activity

In other news, Director Chandra P. Leo purchased 10,000 shares of Monte Rosa Therapeutics stock in a transaction dated Monday, March 24th. The stock was acquired at an average cost of $5.84 per share, for a total transaction of $58,400.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at $58,400. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 6.90% of the stock is owned by corporate insiders.

Monte Rosa Therapeutics Price Performance

Shares of Monte Rosa Therapeutics stock opened at $5.08 on Wednesday. The firm has a market cap of $312.47 million, a price-to-earnings ratio of -2.78 and a beta of 1.40. Monte Rosa Therapeutics, Inc. has a 52-week low of $3.21 and a 52-week high of $12.40. The stock has a 50-day simple moving average of $4.38 and a 200-day simple moving average of $5.88.

Monte Rosa Therapeutics (NASDAQ:GLUE) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.81. The firm had revenue of $84.93 million for the quarter, compared to analyst estimates of $13.57 million. As a group, equities research analysts predict that Monte Rosa Therapeutics, Inc. will post -1.49 earnings per share for the current year.

Wall Street Analyst Weigh In

GLUE has been the topic of several research analyst reports. Lifesci Capital initiated coverage on Monte Rosa Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $19.00 target price on the stock. Wall Street Zen cut Monte Rosa Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd. Wells Fargo & Company lowered their target price on Monte Rosa Therapeutics from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Friday, March 21st. Finally, Wedbush reaffirmed an “outperform” rating and set a $17.00 target price (up previously from $15.00) on shares of Monte Rosa Therapeutics in a research note on Thursday, March 20th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Monte Rosa Therapeutics has an average rating of “Moderate Buy” and an average target price of $15.50.

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.