Wasatch Advisors LP Purchases 830,218 Shares of C4 Therapeutics, Inc. (NASDAQ:CCCC)

Wasatch Advisors LP raised its holdings in shares of C4 Therapeutics, Inc. (NASDAQ:CCCC - Free Report) by 17.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,677,368 shares of the company's stock after purchasing an additional 830,218 shares during the period. Wasatch Advisors LP owned approximately 8.04% of C4 Therapeutics worth $32,361,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CCCC. Vanguard Group Inc. increased its holdings in C4 Therapeutics by 46.0% in the 1st quarter. Vanguard Group Inc. now owns 2,920,028 shares of the company's stock worth $23,857,000 after buying an additional 920,627 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of C4 Therapeutics by 415.8% during the 2nd quarter. Acadian Asset Management LLC now owns 113,436 shares of the company's stock valued at $524,000 after acquiring an additional 91,443 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of C4 Therapeutics in the second quarter worth approximately $881,000. Hennion & Walsh Asset Management Inc. purchased a new position in shares of C4 Therapeutics during the second quarter valued at approximately $660,000. Finally, Lynx1 Capital Management LP lifted its position in C4 Therapeutics by 89.3% during the second quarter. Lynx1 Capital Management LP now owns 6,880,527 shares of the company's stock valued at $31,788,000 after purchasing an additional 3,245,865 shares during the period. Institutional investors own 78.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CCCC. BMO Capital Markets reaffirmed an "outperform" rating and issued a $20.00 target price on shares of C4 Therapeutics in a research report on Tuesday, August 6th. Stephens began coverage on C4 Therapeutics in a report on Monday, November 18th. They issued an "equal weight" rating and a $4.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $10.00.

C4 Therapeutics Stock Performance

CCCC remained flat at $4.55 during trading on Friday. 358,352 shares of the company's stock traded hands, compared to its average volume of 1,194,483. The stock has a 50 day moving average price of $5.48 and a 200 day moving average price of $5.57. The stock has a market cap of $321.18 million, a price-to-earnings ratio of -2.68 and a beta of 3.04. C4 Therapeutics, Inc. has a fifty-two week low of $1.06 and a fifty-two week high of $11.88.

C4 Therapeutics (NASDAQ:CCCC - Get Free Report) last announced its earnings results on Thursday, October 31st. The company reported ($0.35) EPS for the quarter, topping analysts' consensus estimates of ($0.40) by $0.05. C4 Therapeutics had a negative return on equity of 42.45% and a negative net margin of 313.35%. The company had revenue of $15.36 million for the quarter, compared to analysts' expectations of $5.95 million. Analysts expect that C4 Therapeutics, Inc. will post -1.48 earnings per share for the current fiscal year.

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.