C4 Therapeutics (NASDAQ:CCCC) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

C4 Therapeutics (NASDAQ:CCCC) issued its quarterly earnings data on Thursday. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.03, Zacks reports. The firm had revenue of $11.20 million during the quarter, compared to the consensus estimate of $6.28 million. C4 Therapeutics had a negative return on equity of 53.91% and a negative net margin of 325.88%.

C4 Therapeutics Price Performance

Shares of C4 Therapeutics stock traded up $0.01 on Thursday, reaching $2.38. 944,645 shares of the company were exchanged, compared to its average volume of 2,268,087. C4 Therapeutics has a 1-year low of $1.09 and a 1-year high of $6.25. The company has a market cap of $169.38 million, a P/E ratio of -1.51 and a beta of 2.95. The stock’s 50 day moving average price is $2.52 and its 200-day moving average price is $2.07.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Wall Street Zen downgraded C4 Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Zacks Research downgraded C4 Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 22nd. Stephens reaffirmed an “overweight” rating and issued a $6.00 target price on shares of C4 Therapeutics in a research report on Monday, September 22nd. Guggenheim initiated coverage on C4 Therapeutics in a research report on Wednesday, September 3rd. They issued a “buy” rating and a $8.00 target price for the company. Finally, Wells Fargo & Company lifted their target price on C4 Therapeutics from $5.00 to $10.00 and gave the company an “overweight” rating in a research report on Tuesday, September 23rd. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.50.

Hedge Funds Weigh In On C4 Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wasatch Advisors LP lifted its stake in C4 Therapeutics by 10.4% during the second quarter. Wasatch Advisors LP now owns 7,424,662 shares of the company’s stock worth $10,617,000 after purchasing an additional 700,253 shares during the last quarter. Bank of America Corp DE lifted its stake in C4 Therapeutics by 0.9% during the second quarter. Bank of America Corp DE now owns 2,008,004 shares of the company’s stock worth $2,871,000 after purchasing an additional 17,180 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in C4 Therapeutics by 8.6% during the first quarter. Goldman Sachs Group Inc. now owns 622,720 shares of the company’s stock worth $996,000 after purchasing an additional 49,065 shares during the last quarter. Jane Street Group LLC lifted its stake in C4 Therapeutics by 3,816.8% during the second quarter. Jane Street Group LLC now owns 492,612 shares of the company’s stock worth $704,000 after purchasing an additional 480,035 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in C4 Therapeutics by 1,039.4% during the second quarter. BNP Paribas Financial Markets now owns 206,177 shares of the company’s stock worth $295,000 after purchasing an additional 188,081 shares during the last quarter. 78.81% of the stock is owned by institutional investors and hedge funds.

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.