C4 Therapeutics (NASDAQ:CCCC) Shares Up 7.2% - Here's What Happened

Key Points

• C4 Therapeutics' shares rose by 7.2% during trading, reaching a high of $2.56 before closing at $2.54, despite a 23% decline in trading volume compared to its average.
• Several brokerages rated C4 Therapeutics with an "overweight" status and varying target prices, with Wells Fargo raising theirs from $5.00 to $10.00.
• The company reported a quarterly earnings result of ($0.37) EPS, exceeding analysts' expectations, along with revenue of $6.46 million, outperforming the consensus estimate of $5.24 million.

Shares of C4 Therapeutics, Inc. (NASDAQ:CCCC - Get Free Report) shot up 7.2% during trading on Monday . The stock traded as high as $2.56 and last traded at $2.54. 2,266,894 shares were traded during mid-day trading, a decline of 23% from the average session volume of 2,948,888 shares. The stock had previously closed at $2.37.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CCCC. Stephens reiterated an "overweight" rating and issued a $6.00 target price on shares of C4 Therapeutics in a report on Monday, September 22nd. Wells Fargo & Company increased their target price on shares of C4 Therapeutics from $5.00 to $10.00 and gave the company an "overweight" rating in a report on Tuesday, September 23rd. Zacks Research downgraded shares of C4 Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Friday, August 22nd. Guggenheim began coverage on shares of C4 Therapeutics in a report on Wednesday, September 3rd. They issued a "buy" rating and a $8.00 target price for the company. Finally, Barclays increased their target price on shares of C4 Therapeutics from $8.00 to $10.00 and gave the company an "overweight" rating in a report on Monday, September 22nd. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, C4 Therapeutics currently has a consensus rating of "Hold" and a consensus target price of $8.50.

C4 Therapeutics Price Performance

The business's fifty day moving average is $2.55 and its 200-day moving average is $1.96. The firm has a market cap of $180.77 million, a PE ratio of -1.61 and a beta of 2.94.

C4 Therapeutics (NASDAQ:CCCC - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.38) by $0.01. C4 Therapeutics had a negative net margin of 325.88% and a negative return on equity of 53.91%. The business had revenue of $6.46 million during the quarter, compared to the consensus estimate of $5.24 million. Analysts forecast that C4 Therapeutics, Inc. will post -1.52 EPS for the current year.

Hedge Funds Weigh In On C4 Therapeutics

Large investors have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd purchased a new position in shares of C4 Therapeutics in the second quarter worth about $31,000. Savant Capital LLC purchased a new position in shares of C4 Therapeutics in the second quarter worth about $38,000. Acadian Asset Management LLC purchased a new position in shares of C4 Therapeutics in the first quarter worth about $43,000. Catalyst Funds Management Pty Ltd purchased a new position in shares of C4 Therapeutics in the second quarter worth about $40,000. Finally, Crestwood Advisors Group LLC purchased a new position in shares of C4 Therapeutics in the second quarter worth about $41,000. Hedge funds and other institutional investors own 78.81% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.