Monte Rosa Therapeutics (NASDAQ:GLUE) Hits New 12-Month High After Strong Earnings

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $13.33 and last traded at $13.0950, with a volume of 187160 shares. The stock had previously closed at $12.31.

The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.01. Monte Rosa Therapeutics had a return on equity of 9.95% and a net margin of 13.58%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Monte Rosa Therapeutics in a research note on Friday, October 31st. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Monte Rosa Therapeutics currently has a consensus rating of “Hold” and an average target price of $15.33.

Hedge Funds Weigh In On Monte Rosa Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Readystate Asset Management LP acquired a new position in Monte Rosa Therapeutics during the 1st quarter valued at about $1,332,000. Invesco Ltd. increased its position in Monte Rosa Therapeutics by 175.1% during the 1st quarter. Invesco Ltd. now owns 35,346 shares of the company’s stock valued at $164,000 after buying an additional 22,499 shares in the last quarter. Nuveen LLC purchased a new stake in Monte Rosa Therapeutics during the 1st quarter valued at about $546,000. Fox Run Management L.L.C. purchased a new stake in Monte Rosa Therapeutics during the 1st quarter valued at about $127,000. Finally, American Century Companies Inc. grew its stake in Monte Rosa Therapeutics by 30.7% during the 1st quarter. American Century Companies Inc. now owns 100,406 shares of the company’s stock valued at $466,000 after purchasing an additional 23,556 shares during the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Monte Rosa Therapeutics Stock Performance

The firm has a market cap of $782.99 million, a PE ratio of 35.78 and a beta of 1.62. The company has a 50 day simple moving average of $8.12 and a two-hundred day simple moving average of $5.91.

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.