Lake Street Capital Initiates Coverage on C4 Therapeutics (NASDAQ:CCCC)

Investment analysts at Lake Street Capital assumed coverage on shares of C4 Therapeutics (NASDAQ:CCCC) in a report released on Wednesday, Briefing.com reports. The brokerage set a “buy” rating and a $11.00 price target on the stock. Lake Street Capital‘s target price would suggest a potential upside of 242.68% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of C4 Therapeutics in a research note on Thursday, October 15th. JPMorgan Chase & Co. started coverage on C4 Therapeutics in a research note on Friday, October 9th. They issued an “overweight” rating and a $10.00 price objective on the stock. Four 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 stock currently has a consensus rating of “Moderate Buy” and an average target price of $9.33.

C4 Therapeutics Trading Up 7.7%

Shares of NASDAQ CCCC opened at $3.21 on Wednesday. C4 Therapeutics has a 1-year low of $1.69 and a 1-year high of $5.17. The firm has a market cap of $394.91 million, a P/E ratio of -3.21 and a beta of 3.07. The business’s 50 day moving average is $3.37 and its 200-day moving average is $3.18.

C4 Therapeutics (NASDAQ:CCCC) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.05. The firm had revenue of $6.64 million for the quarter, compared to the consensus estimate of $4.00 million. Analysts forecast that C4 Therapeutics will post -0.81 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SummitTX Capital L.P. acquired a new stake in C4 Therapeutics in the 1st quarter valued at $28,000. CTC Alternative Strategies Ltd. bought a new stake in C4 Therapeutics during the first quarter worth $28,000. Sei Investments Co. purchased a new position in C4 Therapeutics during the first quarter worth about $66,000. China Universal Asset Management Co. Ltd. grew its stake in C4 Therapeutics by 27.6% in the 3rd 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 during the period. Finally, ADAR1 Capital Management LLC purchased a new stake in C4 Therapeutics during the first quarter worth about $113,000. Institutional investors own 78.81% of the company’s stock.

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.