C4 Therapeutics (NASDAQ:CCCC) Stock Rated “Buy” in New Coverage at Lake Street Capital

Lake Street Capital initiated coverage on shares of C4 Therapeutics (NASDAQ:CCCC) in a research note published on Wednesday morning, MarketBeat reports. The firm issued a buy rating and a $11.00 price target on the stock.

Several other research firms have also recently commented on CCCC. JPMorgan Chase & Co. assumed coverage on C4 Therapeutics in a report on Friday, October 9th. They issued an “overweight” rating and a $10.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of C4 Therapeutics in a report on Thursday, October 15th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.33.

C4 Therapeutics Stock Performance

Shares of CCCC opened at $3.37 on Wednesday. The company has a 50-day simple moving average of $3.32 and a 200-day simple moving average of $3.20. The firm has a market capitalization of $414.59 million, a P/E ratio of -3.37 and a beta of 3.07. C4 Therapeutics has a 52 week low of $1.69 and a 52 week high of $5.17.

C4 Therapeutics (NASDAQ:CCCC) last released its earnings results on Tuesday, August 11th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.05. C4 Therapeutics had a negative net margin of 289.44% and a negative return on equity of 45.45%. The business had revenue of $6.64 million during the quarter, compared to analysts’ expectations of $4.00 million. As a group, equities analysts forecast that C4 Therapeutics will post -0.81 earnings per share for the current year.

Hedge Funds Weigh In On C4 Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in CCCC. SummitTX Capital L.P. bought a new position in C4 Therapeutics during the first quarter worth about $28,000. CTC Alternative Strategies Ltd. acquired a new stake in C4 Therapeutics during the first quarter valued at approximately $28,000. China Universal Asset Management Co. Ltd. boosted its holdings in C4 Therapeutics by 27.6% during the third quarter. China Universal Asset Management Co. Ltd. now owns 22,447 shares of the company’s stock valued at $70,000 after purchasing an additional 4,850 shares in the last quarter. Sei Investments Co. acquired a new stake in C4 Therapeutics during the first quarter valued at approximately $66,000. Finally, ADAR1 Capital Management LLC bought a new stake in shares of C4 Therapeutics in the 1st quarter valued at approximately $113,000. 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.