Guggenheim Has Lowered Expectations for C4 Therapeutics (NASDAQ:CCCC) Stock Price

C4 Therapeutics (NASDAQ:CCCC) had its target price dropped by Guggenheim from $7.00 to $6.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim‘s price objective points to a potential upside of 101.68% from the company’s current price.

Several other research firms have also issued reports on CCCC. JPMorgan Chase & Co. initiated coverage on shares of C4 Therapeutics in a research report on Friday, October 9th. They issued an “overweight” rating and a $10.00 price target on the stock. Lake Street Capital assumed coverage on shares of C4 Therapeutics in a report on Wednesday, October 28th. They issued a “buy” rating and a $11.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of C4 Therapeutics in a research note on Thursday, October 15th. Finally, Evercore cut shares of C4 Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $8.50.

C4 Therapeutics Price Performance

Shares of CCCC traded up $0.03 during mid-day trading on Friday, hitting $2.98. The stock had a trading volume of 318,017 shares, compared to its average volume of 2,631,194. The firm has a market cap of $366.00 million, a P/E ratio of -2.98 and a beta of 3.16. C4 Therapeutics has a 52 week low of $1.69 and a 52 week high of $5.17. The business has a fifty day moving average price of $3.24 and a 200-day moving average price of $3.22.

C4 Therapeutics (NASDAQ:CCCC) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.03. The business had revenue of $8.47 million for the quarter, compared to the consensus estimate of $8.52 million. C4 Therapeutics had a negative net margin of 289.44% and a negative return on equity of 45.45%. As a group, research analysts expect that C4 Therapeutics will post -0.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Wasatch Advisors LP boosted its position in C4 Therapeutics by 18.9% during the second quarter. Wasatch Advisors LP now owns 3,522,644 shares of the company’s stock valued at $16,451,000 after buying an additional 560,883 shares during the period. Candriam S.C.A. increased its holdings in shares of C4 Therapeutics by 53.6% in the third quarter. Candriam S.C.A. now owns 2,760,346 shares of the company’s stock worth $9,226,000 after buying an additional 963,409 shares during the period. Renaissance Technologies LLC increased its holdings in shares of C4 Therapeutics by 53.6% in the first quarter. Renaissance Technologies LLC now owns 2,461,815 shares of the company’s stock worth $6,475,000 after buying an additional 859,235 shares during the period. Congress Asset Management Co. increased its holdings in shares of C4 Therapeutics by 25.2% in the third quarter. Congress Asset Management Co. now owns 1,256,692 shares of the company’s stock worth $4,185,000 after buying an additional 253,255 shares during the period. Finally, Velan Capital Investment Management LP bought a new stake in shares of C4 Therapeutics in the 2nd quarter valued at about $2,662,000. 78.81% of the stock is owned by hedge funds and other institutional investors.

C4 Therapeutics Company Profile

C4 Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that selectively eliminate disease-causing proteins. The company uses its proprietary TORPEDO platform to design targeted protein degraders, which are intended to direct specific proteins to the cell’s natural disposal system rather than simply blocking their activity.

C4 Therapeutics has concentrated its research and development efforts primarily on oncology, including programs aimed at genetically defined cancers and difficult-to-treat tumors.