C4 Therapeutics (NASDAQ:CCCC) Releases Earnings Results, Beats Expectations By $0.03 EPS

C4 Therapeutics (NASDAQ:CCCC) posted its earnings results on Thursday. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.47) by $0.03, Zacks reports. The firm had revenue of $11.23 million for the quarter, compared to analyst estimates of $6.28 million. C4 Therapeutics had a negative return on equity of 53.91% and a negative net margin of 325.88%.

C4 Therapeutics Trading Down 8.2%

NASDAQ:CCCC traded down $0.20 during mid-day trading on Friday, hitting $2.19. The company had a trading volume of 619,682 shares, compared to its average volume of 1,581,220. C4 Therapeutics has a 1 year low of $1.09 and a 1 year high of $6.20. The business has a fifty day simple moving average of $2.52 and a 200-day simple moving average of $2.07. The firm has a market capitalization of $155.51 million, a price-to-earnings ratio of -1.38 and a beta of 2.95.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Barclays raised their price objective on shares of C4 Therapeutics from $8.00 to $10.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. Wells Fargo & Company raised their target price on C4 Therapeutics from $5.00 to $10.00 and gave the company an “overweight” rating in a report on Tuesday, September 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of C4 Therapeutics in a research note on Wednesday, October 8th. Zacks Research lowered C4 Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 22nd. Finally, Guggenheim began coverage on C4 Therapeutics in a research report on Wednesday, September 3rd. They set a “buy” rating and a $8.00 target price on the stock. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, C4 Therapeutics currently has an average rating of “Hold” and an average target price of $8.50.

Hedge Funds Weigh In On C4 Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new position in shares of C4 Therapeutics during the first quarter valued at approximately $43,000. Tower Research Capital LLC TRC grew its stake in C4 Therapeutics by 458.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 40,592 shares of the company’s stock worth $58,000 after buying an additional 33,317 shares during the last quarter. XTX Topco Ltd increased its position in C4 Therapeutics by 170.0% in the second quarter. XTX Topco Ltd now owns 108,278 shares of the company’s stock worth $155,000 after buying an additional 68,178 shares during the period. Invesco Ltd. grew 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 acquiring an additional 15,531 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of C4 Therapeutics by 957.6% during the first quarter. AQR Capital Management LLC now owns 140,532 shares of the company’s stock worth $225,000 after buying an additional 127,244 shares during the period. 78.81% of the stock is owned by hedge funds and other institutional investors.

C4 Therapeutics Company Profile

C4 Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops novel therapeutic candidates to degrade disease-causing proteins for the treatment of cancer, neurodegenerative conditions, and other diseases. Its lead product candidate is CFT7455, an orally bioavailable MonoDAC degrader of protein that is in Phase 1/2 trial targeting IKZF1 and IKZF3 for multiple myeloma and non-Hodgkin lymphomas, including peripheral T-cell lymphoma and mantle cell lymphoma, currently under Phase 1/2 clinical trials.