C4 Therapeutics, Inc. (NASDAQ:CCCC) Stock Rated “Moderate Buy” by Sell-Side Analysts

Shares of C4 Therapeutics, Inc. (NASDAQ:CCCC) have been given a consensus recommendation of “Moderate Buy” by the four research firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and three have given a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $8.50.

A number of brokerages have recently issued reports on CCCC. JPMorgan Chase & Co. assumed coverage on C4 Therapeutics in a report on Friday, October 9th. They issued an “overweight” rating and a $10.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of C4 Therapeutics in a research report on Thursday.

Hedge Funds Weigh In On C4 Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wasatch Advisors LP lifted 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 acquiring an additional 560,883 shares during the last quarter. Renaissance Technologies LLC grew its holdings in 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 purchasing an additional 859,235 shares during the last quarter. Congress Asset Management Co. grew its holdings in 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 purchasing an additional 253,255 shares during the last quarter. Velan Capital Investment Management LP purchased a new position in C4 Therapeutics in the second quarter worth $2,662,000. Finally, Stempoint Capital LP acquired a new position in shares of C4 Therapeutics during the first quarter worth $1,192,000. Hedge funds and other institutional investors own 78.81% of the company’s stock.

C4 Therapeutics Trading Up 6.5%

CCCC opened at $2.78 on Friday. The company has a market capitalization of $342.02 million, a price-to-earnings ratio of -2.78 and a beta of 3.07. C4 Therapeutics has a 12-month low of $1.69 and a 12-month high of $5.17. The business’s fifty day simple moving average is $3.51 and its 200-day simple moving average is $3.52.

C4 Therapeutics (NASDAQ:CCCC) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.05. The business had revenue of $6.64 million during the quarter, compared to analyst estimates of $4.00 million. C4 Therapeutics had a negative net margin of 289.44% and a negative return on equity of 45.45%. On average, equities research analysts predict that C4 Therapeutics will post -0.81 EPS for the current year.

About C4 Therapeutics

C4 Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that selectively eliminate disease-causing proteins. The company uses targeted protein degradation, an approach designed to direct the body’s natural cellular machinery to identify and remove specific proteins that contribute to cancer and other diseases.

C4 Therapeutics’ proprietary TORPEDO platform is used to discover and develop small-molecule protein degraders. Its research and development programs have included therapies aimed at targets implicated in blood cancers, solid tumors and genetically defined cancers, including programs directed at IKZF1/3, BRD9 and mutant BRAF.