C4 Therapeutics, Inc. (NASDAQ:CCCC – Get Free Report) was the target of a large growth in short interest in December. As of December 15th, there was short interest totalling 8,100,000 shares, a growth of 330.9% from the November 30th total of 1,880,000 shares. Based on an average daily volume of 11,739,900 shares, the days-to-cover ratio is presently 0.7 days. Approximately 19.3% of the shares of the company are short sold.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd lifted its stake in C4 Therapeutics by 89.7% in the first quarter. Point72 Hong Kong Ltd now owns 3,815 shares of the company’s stock worth $93,000 after acquiring an additional 1,804 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of C4 Therapeutics during the 1st quarter worth approximately $93,000. Ensign Peak Advisors Inc lifted its position in shares of C4 Therapeutics by 182.4% during the 3rd quarter. Ensign Peak Advisors Inc now owns 7,230 shares of the company’s stock worth $63,000 after buying an additional 4,670 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of C4 Therapeutics by 144.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,382 shares of the company’s stock worth $26,000 after buying an additional 5,546 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in shares of C4 Therapeutics during the 1st quarter worth approximately $251,000. Hedge funds and other institutional investors own 74.88% of the company’s stock.
C4 Therapeutics Stock Performance
Shares of NASDAQ:CCCC traded up $0.90 during midday trading on Thursday, hitting $6.03. The company’s stock had a trading volume of 13,290,407 shares, compared to its average volume of 3,671,921. C4 Therapeutics has a 12-month low of $1.06 and a 12-month high of $9.41. The business’s 50 day simple moving average is $2.29 and its 200 day simple moving average is $2.68. The company has a market cap of $297.16 million, a P/E ratio of -2.11 and a beta of 2.20.
C4 Therapeutics (NASDAQ:CCCC – Get Free Report) last issued its quarterly earnings results on Wednesday, November 1st. The company reported ($0.55) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.65) by $0.10. C4 Therapeutics had a negative net margin of 663.05% and a negative return on equity of 53.89%. The company had revenue of $11.07 million during the quarter, compared to the consensus estimate of $6.94 million. On average, sell-side analysts predict that C4 Therapeutics will post -2.52 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on CCCC shares. BMO Capital Markets cut their price objective on shares of C4 Therapeutics from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, November 3rd. Morgan Stanley upgraded shares of C4 Therapeutics from an “underweight” rating to an “equal weight” rating in a research note on Monday, November 6th. Stifel Nicolaus upgraded shares of C4 Therapeutics from a “hold” rating to a “buy” rating and increased their price objective for the stock from $2.00 to $12.00 in a research note on Wednesday, December 13th. HC Wainwright cut their price objective on shares of C4 Therapeutics from $17.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, November 2nd. Finally, Bank of America lowered their price target on shares of C4 Therapeutics from $5.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, C4 Therapeutics presently has an average rating of “Hold” and an average target price of $9.60.
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.