Monte Rosa Therapeutics price target raised to $20 from $16 at Piper Sandler

Piper Sandler raised the firm’s price target on Monte Rosa Therapeutics (GLUE) to $20 from $16 and keeps an Overweight rating on the shares after the company announced a global exclusive development and commercialization license agreement with Novartis (NVS) to advance VAV1 MGDs, including MRT-6160, for $150M upfront, up to $2.1B in milestones, 30% U.S. profit/loss share, and tiered outside-U.S. royalties.