C4 Therapeutics, Inc. (NASDAQ:CCCC) Sees Large Drop in Short Interest

C4 Therapeutics, Inc. (NASDAQ:CCCC - Get Free Report) was the recipient of a large decline in short interest in January. As of January 31st, there was short interest totalling 7,400,000 shares, a decline of 20.3% from the January 15th total of 9,280,000 shares. Based on an average daily volume of 1,700,000 shares, the days-to-cover ratio is presently 4.4 days.

Institutional Investors Weigh In On C4 Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Delta Investment Management LLC bought a new stake in shares of C4 Therapeutics in the fourth quarter worth about $72,000. Soleus Capital Management L.P. boosted its stake in shares of C4 Therapeutics by 5.7% during the 4th quarter. Soleus Capital Management L.P. now owns 6,978,942 shares of the company's stock worth $25,124,000 after purchasing an additional 374,946 shares during the period. Wexford Capital LP grew its stake in shares of C4 Therapeutics by 114.2% during the fourth quarter. Wexford Capital LP now owns 118,331 shares of the company's stock valued at $426,000 after buying an additional 63,100 shares during the last quarter. Tang Capital Management LLC lifted its position in shares of C4 Therapeutics by 28.6% during the fourth quarter. Tang Capital Management LLC now owns 900,000 shares of the company's stock worth $3,240,000 after purchasing an additional 200,000 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in C4 Therapeutics by 83.1% in the 4th quarter. ProShare Advisors LLC now owns 20,283 shares of the company's stock worth $73,000 after acquiring an additional 9,204 shares in the last quarter. Institutional investors own 78.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. UBS Group upgraded C4 Therapeutics to a "hold" rating in a research note on Friday, February 14th. Wells Fargo & Company raised C4 Therapeutics from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $8.00 to $12.00 in a report on Thursday, December 19th. Finally, Stephens started coverage on shares of C4 Therapeutics in a research report on Monday, November 18th. They set an "equal weight" rating and a $4.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $11.60.

C4 Therapeutics Price Performance

Shares of NASDAQ CCCC traded up $0.04 during mid-day trading on Wednesday, reaching $3.01. The company's stock had a trading volume of 2,266,666 shares, compared to its average volume of 1,848,330. The stock has a fifty day moving average of $3.70 and a two-hundred day moving average of $4.94. The firm has a market capitalization of $212.48 million, a PE ratio of -1.77 and a beta of 2.95. C4 Therapeutics has a 52 week low of $2.87 and a 52 week high of $11.88.

About C4 Therapeutics

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.