Renaissance Technologies LLC Increases Stock Holdings in C4 Therapeutics, Inc. $CCCC

Key Points

• Renaissance Technologies increased its C4 Therapeutics stake by 53.6% in the first quarter, adding 859,235 shares to own 2.46 million shares, or about 2.23% of the company.
• Institutional investors own approximately 78.81% of C4 Therapeutics, with several hedge funds and investment firms also raising or initiating positions.
• Analysts maintain a consensus “Moderate Buy” rating with a $7.75 price target, while C4 Therapeutics recently reported a smaller-than-expected quarterly loss and higher-than-expected revenue.

Renaissance Technologies LLC grew its stake in shares of C4 Therapeutics, Inc. (NASDAQ:CCCC - Free Report) by 53.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,461,815 shares of the company's stock after purchasing an additional 859,235 shares during the period. Renaissance Technologies LLC owned approximately 2.23% of C4 Therapeutics worth $6,475,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sei Investments Co. purchased a new stake in shares of C4 Therapeutics in the 1st quarter worth about $66,000. Dimensional Fund Advisors LP increased its position in shares of C4 Therapeutics by 49.3% during the first quarter. Dimensional Fund Advisors LP now owns 442,518 shares of the company's stock valued at $1,160,000 after acquiring an additional 146,038 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of C4 Therapeutics in the 4th quarter worth $39,000. Invesco Ltd. raised its position in C4 Therapeutics by 39.9% in the 4th quarter. Invesco Ltd. now owns 268,350 shares of the company's stock worth $513,000 after buying an additional 76,530 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new position in shares of C4 Therapeutics during the fourth quarter valued at approximately $254,000. 78.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of C4 Therapeutics in a research report on Friday, July 17th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $7.75.

C4 Therapeutics Trading Up 3.1%

CCCC opened at $3.61 on Wednesday. The company has a market cap of $399.16 million, a price-to-earnings ratio of -3.03 and a beta of 2.91. The company's 50 day moving average is $3.95 and its 200 day moving average is $3.11. C4 Therapeutics, Inc. has a 12-month low of $1.69 and a 12-month high of $5.17.

C4 Therapeutics (NASDAQ:CCCC - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.05. C4 Therapeutics had a negative net margin of 297.76% and a negative return on equity of 50.68%. The company had revenue of $6.15 million during the quarter, compared to analyst estimates of $4.42 million. As a group, analysts predict that C4 Therapeutics, Inc. will post -0.87 EPS for the current fiscal year.

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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