C4 Therapeutics (NASDAQ:CCCC) Shares Cross Above 200 Day Moving Average - Time to Sell?

Key Points

• C4 Therapeutics shares crossed above their 200-day moving average, trading as high as $3.24 and most recently at $3.21, with 4.1 million shares changing hands. The stock’s market capitalization was approximately $394.9 million.
• Analyst sentiment was generally positive, with three Buy ratings and one Sell rating producing a “Moderate Buy” consensus and an $8.50 price target; JPMorgan assigned a $10 target and Overweight rating.
• The company beat quarterly expectations, reporting a loss of $0.18 per share versus the expected $0.23 loss and revenue of $6.64 million versus the $4 million estimate. Institutional investors owned 78.81% of outstanding shares, with several major funds increasing their positions.

Shares of C4 Therapeutics, Inc. (NASDAQ:CCCC - Get Free Report) crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $3.18 and traded as high as $3.24. C4 Therapeutics shares last traded at $3.21, with a volume of 4,118,933 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CCCC. JPMorgan Chase & Co. assumed coverage on C4 Therapeutics in a research report on Friday, October 9th. They issued an "overweight" rating and a $10.00 target price for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of C4 Therapeutics in a research note on Thursday, October 15th. 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 currently has an average rating of "Moderate Buy" and a consensus price target of $8.50.

C4 Therapeutics Stock Performance

The business has a fifty day moving average of $3.37 and a 200-day moving average of $3.18. The company has a market capitalization of $394.91 million, a P/E ratio of -3.21 and a beta of 3.07.

C4 Therapeutics (NASDAQ:CCCC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.05. The business had revenue of $6.64 million during the quarter, compared to analyst estimates of $4.00 million. Sell-side analysts anticipate that C4 Therapeutics, Inc. will post -0.81 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Wasatch Advisors LP grew its holdings in shares of C4 Therapeutics by 18.9% during the second quarter. Wasatch Advisors LP now owns 3,522,644 shares of the company's stock valued at $16,451,000 after buying an additional 560,883 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of C4 Therapeutics by 53.6% in the 1st quarter. Renaissance Technologies LLC now owns 2,461,815 shares of the company's stock worth $6,475,000 after acquiring an additional 859,235 shares during the last quarter. Congress Asset Management Co. raised its holdings in shares of C4 Therapeutics by 25.2% in the 3rd quarter. Congress Asset Management Co. now owns 1,256,692 shares of the company's stock worth $4,185,000 after acquiring an additional 253,255 shares during the last quarter. Velan Capital Investment Management LP acquired a new stake in shares of C4 Therapeutics in the 2nd quarter worth about $2,662,000. Finally, Seven Fleet Capital Management LP lifted its position in C4 Therapeutics by 567.8% in the 2nd quarter. Seven Fleet Capital Management LP now owns 381,169 shares of the company's stock valued at $1,780,000 after acquiring an additional 324,093 shares in the last quarter. 78.81% of the stock is owned by institutional investors.

C4 Therapeutics Company Profile

C4 Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that selectively eliminate disease-causing proteins. The company uses its proprietary TORPEDO platform to design targeted protein degraders, which are intended to direct specific proteins to the cell's natural disposal system rather than simply blocking their activity.

C4 Therapeutics has concentrated its research and development efforts primarily on oncology, including programs aimed at genetically defined cancers and difficult-to-treat tumors.

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