Guggenheim Initiates Coverage on C4 Therapeutics (NASDAQ:CCCC)

Research analysts at Guggenheim began coverage on shares of C4 Therapeutics (NASDAQ:CCCC) in a report issued on Friday, MarketBeat reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. Guggenheim‘s target price indicates a potential upside of 93.55% from the stock’s previous close.

CCCC has been the subject of several other reports. Evercore downgraded C4 Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 2nd. Lake Street Capital initiated coverage on C4 Therapeutics in a research report on Wednesday, October 28th. They set a “buy” rating and a $11.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of C4 Therapeutics in a report on Thursday, October 15th. Finally, JPMorgan Chase & Co. started coverage on C4 Therapeutics in a research report on Friday, October 9th. They issued an “overweight” rating and a $10.00 price target for the company. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

C4 Therapeutics Price Performance

Shares of NASDAQ CCCC opened at $3.10 on Friday. The company has a 50-day moving average price of $3.22 and a 200-day moving average price of $3.22. The stock has a market capitalization of $381.39 million, a P/E ratio of -4.31 and a beta of 3.16. C4 Therapeutics has a 1 year low of $1.69 and a 1 year high of $5.17.

C4 Therapeutics (NASDAQ:CCCC) last posted its earnings results on Thursday, November 5th. The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.03. The company had revenue of $8.47 million for the quarter, compared to analyst estimates of $8.52 million. C4 Therapeutics had a negative net margin of 282.22% and a negative return on equity of 37.03%. As a group, equities research analysts anticipate that C4 Therapeutics will post -0.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CCCC. Wasatch Advisors LP lifted its position in shares of C4 Therapeutics by 18.9% during the 2nd quarter. Wasatch Advisors LP now owns 3,522,644 shares of the company’s stock worth $16,451,000 after buying an additional 560,883 shares in the last quarter. Candriam S.C.A. grew 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 valued at $9,226,000 after acquiring an additional 963,409 shares in the last quarter. Renaissance Technologies LLC grew 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 valued at $6,475,000 after acquiring an additional 859,235 shares in the last quarter. Congress Asset Management Co. increased its position in shares of C4 Therapeutics by 25.2% during the third quarter. Congress Asset Management Co. now owns 1,256,692 shares of the company’s stock valued at $4,185,000 after acquiring an additional 253,255 shares during the last quarter. Finally, Velan Capital Investment Management LP purchased a new stake in shares of C4 Therapeutics during the second quarter valued at approximately $2,662,000. 78.81% of the stock is currently 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.