In a report released on October 17, Christopher Liu from Leerink Partners maintained a Hold rating on Monte Rosa Therapeutics (GLUE – Research Report), with a price target of $5.00.
Christopher Liu gave Monte Rosa Therapeutics’ stock a Hold rating due to a combination of factors. Firstly, the interim Phase 1/2 clinical data for MRT-2359 in MYC-driven solid tumors remains unclear, primarily because the data is still relatively immature. Despite the adverse event profile avoiding key concerns, the efficacy profile of the asset has not been clearly outlined. Furthermore, the company’s decision to evaluate a new dose level and new dosing regimen further contributes to the uncertainty, especially since full Phase 1 data and a potential optimized dose will only be available in 2024.
The delay in the potential launch of MRT-2359 from 2027 to 2028 is another factor in Liu’s rating. In a more positive light, the company’s strategic collaboration with Roche to discover novel molecular glues is a promising development that may yield significant future payments. Despite this, the lack of clarity surrounding the data readout has led to the removal of the 1L opportunities for the asset in non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC). With the penetration rates in 2L/3L NSCLC being lowered due to a more conservative outlook on MRT-2359, the primary drivers for reducing the price target to $5/share, and maintaining a Market Perform rating, have been established.
Liu covers the Healthcare sector, focusing on stocks such as IDEAYA Biosciences, Relay Therapeutics, and Exelixis. According to TipRanks, Liu has an average return of -26.0% and a 19.67% success rate on recommended stocks.
See today’s best-performing stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Monte Rosa Therapeutics (GLUE) Company Description:
Monte Rosa Therapeutics Inc is a biopharmaceutical company involved in developing a portfolio of novel small molecule precision medicines that employ the body’s natural mechanisms to degrade therapeutically relevant proteins. It has developed a protein degradation platform, called QuEEN, that enables to rapidly identify protein targets and molecular glue degrader, or MGD, product candidates.
Read More on GLUE:
- Monte Rosa Therapeutics Announces Strategic Collaboration with Roche to Discover Novel Molecular Glue Degraders Targeting Cancer and Neurological Diseases
- Monte Rosa Therapeutics Announces Interim PK/PD and Clinical Data for MRT-2359 in Phase 1/2 Trial for MYC-Driven Solid Tumors
- Monte Rosa Therapeutics announces strategic collaboration with Roche
- Monte Rosa Therapeutics announces interim PK/PD, clinical data for MRT-2359
