C4 Therapeutics (NASDAQ:CCCC) Raised to "Overweight" at Stephens

Key Points

• Stephens has upgraded C4 Therapeutics' stock rating from "equal weight" to "overweight", with a price target of $6.00, indicating a potential upside of 125.56% from its current price.
• Other analysts have mixed views, with Zacks Research downgrading the stock to "hold" and Wall Street Zen to "sell," while Guggenheim maintains a "buy" rating with a target price of $8.00.
• C4 Therapeutics reported a quarterly earnings beat with revenues of $6.46 million, exceeding analyst expectations of $5.24 million, despite a negative earnings per share of ($0.37).

Stephens upgraded shares of C4 Therapeutics (NASDAQ:CCCC - Free Report) from an equal weight rating to an overweight rating in a report released on Monday, Marketbeat Ratings reports. The firm currently has $6.00 price target on the stock, up from their previous price target of $3.00.

Other equities research analysts also recently issued research reports about the stock. Guggenheim initiated coverage on shares of C4 Therapeutics in a research report on Wednesday, September 3rd. They issued a "buy" rating and a $8.00 target price for the company. Zacks Research downgraded shares of C4 Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 22nd. Finally, Wall Street Zen downgraded shares of C4 Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $8.50.

C4 Therapeutics Stock Performance

CCCC traded down $0.15 during trading on Monday, reaching $3.18. The company's stock had a trading volume of 530,419 shares, compared to its average volume of 1,425,973. C4 Therapeutics has a 52-week low of $1.09 and a 52-week high of $7.14. The company has a market capitalization of $225.97 million, a price-to-earnings ratio of -2.01 and a beta of 2.98. The company's fifty day moving average price is $2.50 and its 200-day moving average price is $1.91.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Wasatch Advisors LP increased its stake in C4 Therapeutics by 10.4% in the 2nd quarter. Wasatch Advisors LP now owns 7,424,662 shares of the company's stock valued at $10,617,000 after buying an additional 700,253 shares during the period. Soleus Capital Management L.P. boosted its holdings in C4 Therapeutics by 5.7% in the 4th quarter. Soleus Capital Management L.P. now owns 6,978,942 shares of the company's stock valued at $25,124,000 after purchasing an additional 374,946 shares during the period. Bank of America Corp DE boosted its holdings in C4 Therapeutics by 0.9% in the 2nd quarter. Bank of America Corp DE now owns 2,008,004 shares of the company's stock valued at $2,871,000 after purchasing an additional 17,180 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in C4 Therapeutics in the 1st quarter valued at $1,116,000. Finally, Goldman Sachs Group Inc. boosted its holdings in C4 Therapeutics by 8.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 622,720 shares of the company's stock valued at $996,000 after purchasing an additional 49,065 shares during the period. Institutional investors and hedge funds 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.