TD Cowen Reiterates Buy Rating on Monte Rosa Therapeutics (GLUE) Following Expanded Novartis Deal

TD Cowen analyst Marc Frahm reiterated a Buy rating on Monte Rosa Therapeutics (NASDAQ: GLUE) following the expanded Novartis deal.

The analyst commented, "GLUE announced an expansion of its Novartis collaboration to include a license of 1 new I&I degrader and options on 2 more programs. GLUE will receive $120MM upfront, option maintenance fees of up to $60MM, up to $5.4B in milestone payments, and tiered royalties. We view the deal as highlighting the importance of GLUE's QuEEN platform for identifying molecular glue degraders and remain at Buy."

For an analyst ratings summary and ratings history on Monte Rosa Therapeutics click here. For more ratings news on Monte Rosa Therapeutics click here.

Shares of Monte Rosa Therapeutics closed at $4.81 yesterday.

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