Benzinga - by Vandana Singh, Benzinga Editor.
Wedbush initiated coverage on Monte Rosa Therapeutics Inc (NASDAQ:GLUE), a company focused on developing molecular glue degraders (MGDs) against several inadequately drugged cancer and autoimmune disease targets.
The analyst notes that the company’s lead programs are highly differentiated, with development supported by strong biological and genetic rationale, and sees significant potential for value creation as they progress.
Monte Rosa Therapeutics’ proprietary AI/ML-based QuEEN platform is designed to identify proteins amenable to target by degradation, allowing the generation of a rational, proprietary library of compounds that may further accelerate discovery.
Wedbush has initiated Monte Rosa Therapeutics with an Outperform rating and a price target of $11.
Monte Rosa Therapeutics’ lead asset, MRT -2359, is an oral MGD designed to degrade GSPT1, a key regulator of MYC-induced protein translation.
MRT-2359 is in an ongoing Ph 1/2 study for MYC-driven and high-grade neuroendocrine tumors.
In October, Monte Rosa Therapeutics reported interim data from the Phase 1 dose escalation part of its ongoing Phase 1/2 study of MRT-2359.
The data showed that following MRT-2359 dosing, approximately 60% reduction in GSPT1 protein expression was observed in peripheral blood mononuclear cells and tumor tissue biopsies.
In October, Monte Rosa Therapeutics entered into a strategic collaboration and licensing agreement with Roche Holdings AG (OTC:RHHBY) to discover and develop molecular glue degraders (MGDs) against targets in cancer and neurological diseases.
Under the terms of the agreement, Monte Rosa will receive an upfront payment of $50 million and is eligible to receive future milestone payments that could exceed $2 billion, as well as tiered royalties.
The parties also agreed on a mechanism to expand the collaboration on multiple targets within the first two years.
Price Action: GLUE shares are up 14.29% at $5.44 on the last check Thursday.
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Latest Ratings for GLUE
| Feb 2022 | Wells Fargo | Initiates Coverage On | Equal-Weight | |
| Oct 2021 | SVB Leerink | Initiates Coverage On | Market Perform | |
| Jul 2021 | Guggenheim | Initiates Coverage On | Buy |
View the Latest Analyst Ratings
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