Guggenheim Issues Pessimistic Forecast for C4 Therapeutics (NASDAQ:CCCC) Stock Price

C4 Therapeutics (NASDAQ:CCCC) had its price objective dropped by Guggenheim from $7.00 to $6.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim‘s price objective indicates a potential upside of 101.68% from the stock’s current price.

A number of other research firms also recently weighed in on CCCC. Lake Street Capital began coverage on shares of C4 Therapeutics in a research report on Wednesday, October 28th. They issued a “buy” rating and a $11.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of C4 Therapeutics in a research report on Thursday, October 15th. Evercore lowered C4 Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, JPMorgan Chase & Co. initiated coverage on C4 Therapeutics in a report on Friday, October 9th. They issued an “overweight” rating and a $10.00 price objective for the company. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $8.50.

C4 Therapeutics Stock Performance

Shares of CCCC stock traded up $0.03 on Friday, hitting $2.98. The company’s stock had a trading volume of 318,017 shares, compared to its average volume of 2,631,194. C4 Therapeutics has a fifty-two week low of $1.69 and a fifty-two week high of $5.17. The company has a market capitalization of $366.00 million, a PE ratio of -2.98 and a beta of 3.16. The stock’s 50 day moving average is $3.24 and its 200-day moving average is $3.22.

C4 Therapeutics (NASDAQ:CCCC) last announced its earnings results on Thursday, November 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.03. C4 Therapeutics had a negative net margin of 289.44% and a negative return on equity of 45.45%. The firm had revenue of $8.47 million for the quarter, compared to analyst estimates of $8.52 million. On average, research analysts forecast that C4 Therapeutics will post -0.81 earnings per share for the current year.

Institutional Investors Weigh In On C4 Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Candriam S.C.A. increased its holdings in C4 Therapeutics by 53.6% during the third quarter. Candriam S.C.A. now owns 2,760,346 shares of the company’s stock worth $9,226,000 after buying an additional 963,409 shares during the last quarter. Renaissance Technologies LLC raised its position in C4 Therapeutics by 53.6% in the first quarter. Renaissance Technologies LLC now owns 2,461,815 shares of the company’s stock worth $6,475,000 after acquiring an additional 859,235 shares during the period. Velan Capital Investment Management LP purchased a new position in C4 Therapeutics in the second quarter valued at about $2,662,000. Wasatch Advisors LP boosted its stake in C4 Therapeutics by 18.9% in the second quarter. Wasatch Advisors LP now owns 3,522,644 shares of the company’s stock valued at $16,451,000 after acquiring an additional 560,883 shares during the last quarter. Finally, Stempoint Capital LP purchased a new position in C4 Therapeutics in the first quarter valued at about $1,192,000. 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.