Adage Capital Partners GP L.L.C. Buys 1,030,000 Shares of C4 Therapeutics, Inc. (NASDAQ:CCCC)

Adage Capital Partners GP L.L.C. grew its position in shares of C4 Therapeutics, Inc. (NASDAQ:CCCC - Free Report) by 198.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,550,000 shares of the company's stock after acquiring an additional 1,030,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned 2.20% of C4 Therapeutics worth $5,580,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CCCC. Geode Capital Management LLC boosted its holdings in C4 Therapeutics by 0.5% during the third quarter. Geode Capital Management LLC now owns 1,369,676 shares of the company's stock worth $7,809,000 after purchasing an additional 7,460 shares during the last quarter. Barclays PLC boosted its stake in shares of C4 Therapeutics by 38.4% during the 3rd quarter. Barclays PLC now owns 243,457 shares of the company's stock worth $1,387,000 after buying an additional 67,546 shares during the last quarter. Franklin Resources Inc. bought a new position in shares of C4 Therapeutics in the 3rd quarter valued at about $202,000. Hennion & Walsh Asset Management Inc. increased its position in shares of C4 Therapeutics by 18.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 227,147 shares of the company's stock valued at $818,000 after acquiring an additional 34,783 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. bought a new stake in C4 Therapeutics during the fourth quarter worth about $54,000. 78.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, UBS Group upgraded C4 Therapeutics to a "hold" rating in a research note on Friday, February 14th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, C4 Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $12.50.

C4 Therapeutics Price Performance

NASDAQ CCCC traded up $0.11 during trading on Friday, reaching $1.74. 1,144,697 shares of the company's stock were exchanged, compared to its average volume of 1,407,064. The business has a 50 day moving average price of $1.78 and a 200-day moving average price of $3.38. The stock has a market capitalization of $123.55 million, a P/E ratio of -1.02 and a beta of 3.11. C4 Therapeutics, Inc. has a fifty-two week low of $1.09 and a fifty-two week high of $7.66.

C4 Therapeutics (NASDAQ:CCCC - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.49) earnings per share for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.05). C4 Therapeutics had a negative net margin of 313.35% and a negative return on equity of 42.45%. The business had revenue of $5.18 million during the quarter, compared to the consensus estimate of $4.43 million. On average, analysts forecast that C4 Therapeutics, Inc. will post -1.52 earnings per share for the current year.

C4 Therapeutics 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.