Health Care Sector Update for 05/16/2024: CLVR, GLUE, BIIB, IONS, TRUP
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 16 2024
0mins
Source: NASDAQ.COM
Health Care Stocks:
- NYSE Health Care Index decreased by 0.1%, while the Health Care Select Sector SPDR Fund (XLV) increased by 0.1%.
- iShares Biotechnology ETF (IBB) remained flat.
Corporate News:
- Clever Leaves (CLVR) shares surged by 34% after a Brazilian private investment fund acquired an 8.5% stake.
- Monte Rosa Therapeutics (GLUE) priced an offering of shares and warrants, expecting gross proceeds of around $100 million.
- Biogen (BIIB) and Ionis Pharmaceuticals (IONS) decided to halt the development of BIIB105 for ALS after a study showed it did not slow disease progression.
- Trupanion (TRUP) shares rose by 16% following an upgrade from BofA Securities to buy from neutral.
Analyst Views on GLUE
Wall Street analysts forecast GLUE stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GLUE is 30.40 USD with a low forecast of 20.00 USD and a high forecast of 37.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
8 Analyst Rating
8 Buy
0 Hold
0 Sell
Strong Buy
Current: 23.020
Low
20.00
Averages
30.40
High
37.00
Current: 23.020
Low
20.00
Averages
30.40
High
37.00
About GLUE
Monte Rosa Therapeutics, Inc. is a clinical-stage biotechnology company. The Company is engaged in developing a portfolio of novel and molecular glue degraders (MGDs). MGDs are small molecule drugs that employ the body’s natural protein destruction mechanisms to selectively degrade therapeutically relevant proteins. It has developed a proprietary and industry leading discovery engine, called Quantitative and Engineered Elimination of Neosubstrates (QuEEN) to enable its target centric MGD discovery and development approach and its rational design of MGD product candidates. Its product candidate, MRT-2359, is an orally bioavailable MGD targeting the translation termination factor protein GSPT1. MRT-2359 is in clinical development for potential use in MYC-driven tumors, including metastatic non-small cell lung cancer, small cell lung cancer, and neuroendocrine tumors. Its other product candidates include MRT-6160 and MRT-8102.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
