JPMorgan Chase & Co. Initiates Coverage on C4 Therapeutics (NASDAQ:CCCC)

Key Points

• JPMorgan initiated coverage of C4 Therapeutics with an “overweight” rating and a $10 price target, implying approximately 251% upside from the stock’s $2.85 price.
• Analyst sentiment is generally positive: three analysts rate the stock a Buy and one rates it a Sell, resulting in a “Moderate Buy” consensus and an average price target of $8.50.
• C4 Therapeutics remains a clinical-stage biotechnology company with substantial losses, though its latest quarterly results beat expectations with a $0.18 per-share loss versus the projected $0.23 loss and revenue of $6.64 million.

Investment analysts at JPMorgan Chase & Co. assumed coverage on shares of C4 Therapeutics (NASDAQ:CCCC - Get Free Report) in a research note issued to investors on Friday, Briefing.com reports. The brokerage set an "overweight" rating and a $10.00 price target on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 250.88% from the company's current price.

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of C4 Therapeutics in a research report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $8.50.

C4 Therapeutics Price Performance

NASDAQ:CCCC opened at $2.85 on Friday. C4 Therapeutics has a 1-year low of $1.69 and a 1-year high of $5.17. The business has a 50 day moving average of $3.58 and a 200 day moving average of $3.51. The company has a market capitalization of $350.64 million, a price-to-earnings ratio of -2.85 and a beta of 3.07.

C4 Therapeutics (NASDAQ:CCCC - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.18) earnings per share for the quarter, beating analysts' consensus estimates of ($0.23) by $0.05. The firm had revenue of $6.64 million during the quarter, compared to analyst estimates of $4.00 million. C4 Therapeutics had a negative return on equity of 45.45% and a negative net margin of 289.44%. As a group, sell-side analysts anticipate that C4 Therapeutics will post -0.85 EPS for the current year.

Institutional Trading of C4 Therapeutics

Several institutional investors have recently bought and sold shares of the company. SummitTX Capital L.P. purchased a new stake in C4 Therapeutics during the 1st quarter valued at $28,000. CTC Alternative Strategies Ltd. bought a new position in shares of C4 Therapeutics during the first quarter valued at $28,000. Sei Investments Co. purchased a new stake in shares of C4 Therapeutics during the first quarter valued at $66,000. ADAR1 Capital Management LLC purchased a new stake in shares of C4 Therapeutics during the first quarter valued at $113,000. Finally, Readystate Asset Management LP bought a new stake in C4 Therapeutics in the 1st quarter worth about $130,000. 78.81% of the stock is owned by hedge funds and other institutional investors.

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.

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