C4 Therapeutics (NASDAQ:CCCC) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

C4 Therapeutics (NASDAQ:CCCC) announced its quarterly earnings data on Tuesday. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.05, FiscalAI reports. C4 Therapeutics had a negative return on equity of 53.83% and a negative net margin of 292.08%.The business had revenue of $6.15 million during the quarter, compared to analysts’ expectations of $4.42 million.

C4 Therapeutics Price Performance

Shares of NASDAQ:CCCC traded down $0.06 during trading on Tuesday, hitting $3.11. 472,857 shares of the company were exchanged, compared to its average volume of 2,346,821. The firm’s 50 day moving average price is $2.84 and its 200-day moving average price is $2.46. C4 Therapeutics has a 12-month low of $1.21 and a 12-month high of $3.82. The stock has a market capitalization of $342.22 million, a P/E ratio of -2.32 and a beta of 2.77.

Institutional Investors Weigh In On C4 Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Engineers Gate Manager LP lifted its position in C4 Therapeutics by 49.9% in the fourth quarter. Engineers Gate Manager LP now owns 24,416 shares of the company’s stock valued at $47,000 after acquiring an additional 8,130 shares during the last quarter. Man Group plc grew its holdings in shares of C4 Therapeutics by 15.0% during the third quarter. Man Group plc now owns 90,278 shares of the company’s stock worth $200,000 after purchasing an additional 11,791 shares during the last quarter. Zacks Investment Management acquired a new stake in shares of C4 Therapeutics during the third quarter worth about $29,000. Invesco Ltd. increased its position in shares of C4 Therapeutics by 11.1% during the second quarter. Invesco Ltd. now owns 155,017 shares of the company’s stock worth $222,000 after purchasing an additional 15,531 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of C4 Therapeutics by 0.9% in the 2nd quarter. Bank of America Corp DE now owns 2,008,004 shares of the company’s stock valued at $2,871,000 after purchasing an additional 17,180 shares during the last quarter. 78.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CCCC has been the topic of several analyst reports. Barclays raised their target price on shares of C4 Therapeutics from $5.00 to $7.00 and gave the company an “overweight” rating in a report on Thursday, February 26th. TD Cowen reissued a “buy” rating on shares of C4 Therapeutics in a research report on Thursday, February 26th. Weiss Ratings restated a “sell (d-)” rating on shares of C4 Therapeutics in a report on Monday, April 20th. Wall Street Zen raised shares of C4 Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, boosted their target price on shares of C4 Therapeutics from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, February 23rd. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.75.

About C4 Therapeutics

C4 Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted protein degraders. Utilizing its proprietary Controlled Inducible Degradation (CiD) platform, the company seeks to eliminate disease-causing proteins by harnessing the body’s natural protein disposal machinery. This approach aims to address a wide range of oncology and immuno-oncology indications by targeting proteins that have historically been difficult to inhibit with traditional small molecules or antibodies.

The company’s pipeline includes multiple small-molecule degrader candidates advancing through preclinical and clinical stages.