Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) Sees Large Decline in Short Interest

Monte Rosa Therapeutics, Inc. (NASDAQ:GLUE) saw a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 1,680,000 shares, a decline of 8.2% from the March 15th total of 1,830,000 shares. Currently, 5.3% of the company’s stock are short sold. Based on an average daily volume of 150,300 shares, the days-to-cover ratio is currently 11.2 days.

Hedge Funds Weigh In On Monte Rosa Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. TD Asset Management Inc grew its holdings in shares of Monte Rosa Therapeutics by 65.6% during the 3rd quarter. TD Asset Management Inc now owns 193,168 shares of the company’s stock valued at $925,000 after acquiring an additional 76,550 shares in the last quarter. Exchange Traded Concepts LLC grew its holdings 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 valued at $132,000 after acquiring an additional 5,915 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Monte Rosa Therapeutics during the 3rd quarter valued at $66,000. Corton Capital Inc. purchased a new position in shares of Monte Rosa Therapeutics during the 3rd quarter valued at $69,000. Finally, Principal Financial Group Inc. purchased a new position in shares of Monte Rosa Therapeutics during the 4th quarter valued at $79,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Monte Rosa Therapeutics Trading Down 2.8 %

NASDAQ:GLUE traded down $0.17 during trading hours on Wednesday, hitting $5.89. 52,105 shares of the stock traded hands, compared to its average volume of 148,836. The firm has a 50 day moving average price of $6.36 and a 200 day moving average price of $5.12. Monte Rosa Therapeutics has a fifty-two week low of $2.44 and a fifty-two week high of $8.84. The firm has a market cap of $295.38 million, a price-to-earnings ratio of -2.30 and a beta of 1.45.

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). Research analysts predict that Monte Rosa Therapeutics will post -2.25 EPS for the current year.

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.