Short Interest in C4 Therapeutics, Inc. (NASDAQ:CCCC) Increases By 16.9%

C4 Therapeutics, Inc. (NASDAQ:CCCCGet Free Report) was the target of a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 13,260,000 shares, a growth of 16.9% from the May 15th total of 11,340,000 shares. Based on an average daily volume of 1,580,000 shares, the days-to-cover ratio is presently 8.4 days.

Hedge Funds Weigh In On C4 Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of CCCC. Lynx1 Capital Management LP boosted its holdings in shares of C4 Therapeutics by 16.0% during the 1st quarter. Lynx1 Capital Management LP now owns 3,634,662 shares of the company’s stock worth $29,695,000 after buying an additional 500,266 shares during the period. Farallon Capital Management LLC acquired a new stake in C4 Therapeutics during the first quarter worth approximately $229,000. Caxton Associates LP bought a new stake in shares of C4 Therapeutics during the first quarter worth approximately $172,000. EntryPoint Capital LLC acquired a new position in shares of C4 Therapeutics in the first quarter valued at approximately $233,000. Finally, Vanguard Group Inc. increased its stake in shares of C4 Therapeutics by 46.0% during the first quarter. Vanguard Group Inc. now owns 2,920,028 shares of the company’s stock worth $23,857,000 after purchasing an additional 920,627 shares during the period. 78.81% of the stock is currently owned by institutional investors and hedge funds.

C4 Therapeutics Price Performance

Shares of NASDAQ CCCC opened at $4.14 on Tuesday. The business has a 50-day moving average of $5.98 and a 200-day moving average of $6.50. The stock has a market capitalization of $284.87 million, a price-to-earnings ratio of -1.75 and a beta of 3.11. C4 Therapeutics has a fifty-two week low of $1.06 and a fifty-two week high of $11.88.

C4 Therapeutics (NASDAQ:CCCCGet Free Report) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.41) earnings per share for the quarter, hitting the consensus estimate of ($0.41). C4 Therapeutics had a negative return on equity of 52.85% and a negative net margin of 629.24%. The firm had revenue of $3.04 million for the quarter, compared to analyst estimates of $10.93 million. On average, sell-side analysts expect that C4 Therapeutics will post -1.56 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on CCCC. Wells Fargo & Company raised their target price on shares of C4 Therapeutics from $7.00 to $8.00 and gave the stock an “equal weight” rating in a report on Thursday, May 9th. Morgan Stanley boosted their price objective on shares of C4 Therapeutics to $8.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. Finally, Stifel Nicolaus increased their target price on C4 Therapeutics from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $10.13.

Check Out Our Latest Stock Analysis on CCCC

About C4 Therapeutics

(Get Free Report)

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.

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