C4 Therapeutics, Inc. $CCCC Shares Bought by Wasatch Advisors LP

Key Points

• Wasatch Advisors increased its C4 Therapeutics stake by 18.9% in the second quarter, adding 560,883 shares to own 3.52 million shares valued at approximately $16.45 million, or 3.19% of the company.
• Institutional investors and hedge funds collectively own 78.81% of C4 Therapeutics. The company recently reported a quarterly loss of $0.18 per share, beating estimates, while revenue of $6.64 million exceeded forecasts of $4 million.
• CCCC shares opened at $3.90, compared with a 52-week range of $1.69 to $5.17. Analysts maintain a consensus “Moderate Buy” rating with a target price of $7.75, despite the company’s continuing losses and one “sell” rating.

Wasatch Advisors LP boosted its stake in shares of C4 Therapeutics, Inc. (NASDAQ:CCCC - Free Report) by 18.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,522,644 shares of the company's stock after purchasing an additional 560,883 shares during the quarter. Wasatch Advisors LP owned approximately 3.19% of C4 Therapeutics worth $16,451,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. SummitTX Capital L.P. bought 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 in the first quarter worth $28,000. Zacks Investment Management bought a new position in shares of C4 Therapeutics in the third quarter worth $29,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of C4 Therapeutics during the third quarter valued at $43,000. Finally, Delta Investment Management LLC acquired a new stake in C4 Therapeutics in the fourth quarter worth about $38,000. Institutional investors and hedge funds own 78.81% of the company's stock.

C4 Therapeutics Stock Performance

Shares of NASDAQ:CCCC opened at $3.90 on Thursday. The company has a market cap of $431.22 million, a PE ratio of -3.90 and a beta of 2.91. C4 Therapeutics, Inc. has a 52 week low of $1.69 and a 52 week high of $5.17. The firm has a 50 day simple moving average of $3.90 and a 200 day simple moving average of $3.17.

C4 Therapeutics (NASDAQ:CCCC - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.23) by $0.05. The company 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 47.15% and a negative net margin of 289.44%. On average, equities analysts predict that C4 Therapeutics, Inc. will post -0.87 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of C4 Therapeutics in a report on Friday, July 17th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, C4 Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $7.75.

About C4 Therapeutics

C4 Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted protein degraders. Utilizing its proprietary Controlled Inducible Degradation (CiD) platform, the company seeks to eliminate disease-causing proteins by harnessing the body's natural protein disposal machinery. This approach aims to address a wide range of oncology and immuno-oncology indications by targeting proteins that have historically been difficult to inhibit with traditional small molecules or antibodies.

The company's pipeline includes multiple small-molecule degrader candidates advancing through preclinical and clinical stages.

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