Bank of America Corp DE Lowers Stock Position in C4 Therapeutics, Inc. (NASDAQ:CCCC)

Bank of America Corp DE cut its holdings in C4 Therapeutics, Inc. (NASDAQ:CCCC - Free Report) by 17.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,677,642 shares of the company's stock after selling 358,591 shares during the period. Bank of America Corp DE owned approximately 2.38% of C4 Therapeutics worth $6,040,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Wasatch Advisors LP lifted its stake in C4 Therapeutics by 7.0% in the fourth quarter. Wasatch Advisors LP now owns 6,072,601 shares of the company's stock worth $21,861,000 after purchasing an additional 395,233 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of C4 Therapeutics by 198.1% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,550,000 shares of the company's stock valued at $5,580,000 after acquiring an additional 1,030,000 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of C4 Therapeutics by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,381,086 shares of the company's stock valued at $4,973,000 after acquiring an additional 11,410 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its stake in shares of C4 Therapeutics by 1.1% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,334,101 shares of the company's stock valued at $4,803,000 after acquiring an additional 14,617 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of C4 Therapeutics by 1.1% during the fourth quarter. Northern Trust Corp now owns 495,043 shares of the company's stock valued at $1,782,000 after acquiring an additional 5,223 shares during the last quarter. 78.81% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, UBS Group raised shares of C4 Therapeutics to a "hold" rating in a research note on Friday, February 14th.

C4 Therapeutics Price Performance

Shares of CCCC stock traded down $0.09 on Friday, hitting $1.24. 836,365 shares of the stock traded hands, compared to its average volume of 1,385,303. The firm has a market cap of $87.69 million, a price-to-earnings ratio of -0.73 and a beta of 3.10. The firm has a 50 day simple moving average of $1.44 and a two-hundred day simple moving average of $2.77. C4 Therapeutics, Inc. has a 52 week low of $1.09 and a 52 week high of $7.66.

C4 Therapeutics (NASDAQ:CCCC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.37) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.48) by $0.11. C4 Therapeutics had a negative net margin of 313.35% and a negative return on equity of 42.45%. The company had revenue of $7.20 million for the quarter, compared to the consensus estimate of $3.54 million. Sell-side analysts forecast that C4 Therapeutics, Inc. will post -1.52 EPS for the current year.

About C4 Therapeutics

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.