Wells Fargo & Company upgraded shares of Monte Rosa Therapeutics (NASDAQ:GLUE – Get Rating) from an equal weight rating to an overweight rating in a research note published on Monday morning, Marketbeat reports. Wells Fargo & Company currently has $18.00 target price on the stock.

A number of other research firms have also commented on GLUE. Credit Suisse Group dropped their price target on shares of Monte Rosa Therapeutics to $12.00 in a research report on Wednesday, November 16th. UBS Group began coverage on shares of Monte Rosa Therapeutics in a research report on Thursday, October 13th. They issued a buy rating and a $22.00 price target on the stock.

Monte Rosa Therapeutics Stock Down 0.6 %

Shares of GLUE opened at $7.70 on Monday. The firm's 50 day moving average price is $8.51 and its 200 day moving average price is $8.75. Monte Rosa Therapeutics has a twelve month low of $6.05 and a twelve month high of $18.16.

Institutional Investors Weigh In On Monte Rosa Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its stake in shares of Monte Rosa Therapeutics by 24.8% in the third quarter. Bank of New York Mellon Corp now owns 87,632 shares of the company's stock worth $716,000 after acquiring an additional 17,424 shares during the last quarter. Alphabet Inc. acquired a new stake in Monte Rosa Therapeutics during the third quarter worth $11,961,000. Balyasny Asset Management LLC acquired a new stake in Monte Rosa Therapeutics during the third quarter worth $155,000. Jane Street Group LLC acquired a new stake in Monte Rosa Therapeutics during the third quarter worth $410,000. Finally, State Street Corp boosted its stake in Monte Rosa Therapeutics by 7.5% during the third quarter. State Street Corp now owns 484,571 shares of the company's stock worth $3,959,000 after buying an additional 33,707 shares in the last quarter. Institutional investors and hedge funds own 83.19% of the company's stock.

Monte Rosa Therapeutics Company Profile

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Monte Rosa Therapeutics, Inc, a biopharmaceutical company, engages in the development of novel small molecule precision medicines that employ the body's natural mechanisms to selectively degrade therapeutically relevant proteins. It develops an oral molecular glue degrader for GSPT1, a translational termination factor and degron-containing protein for the treatment of Myc-driven cancers.

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