C4 Therapeutics, Inc. (NASDAQ:CCCC) Sees Significant Growth in Short Interest

C4 Therapeutics, Inc. (NASDAQ:CCCC) was the target of a large growth in short interest in the month of December. As of December 15th, there was short interest totaling 7,172,653 shares, a growth of 28.4% from the November 30th total of 5,588,028 shares. Currently, 8.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,637,116 shares, the days-to-cover ratio is presently 4.4 days. Based on an average daily trading volume, of 1,637,116 shares, the days-to-cover ratio is presently 4.4 days. Currently, 8.1% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CCCC shares. Stephens reiterated an “overweight” rating and issued a $6.00 price objective on shares of C4 Therapeutics in a research report on Monday, September 22nd. Guggenheim began coverage on shares of C4 Therapeutics in a report on Wednesday, September 3rd. They issued a “buy” rating and a $8.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of C4 Therapeutics in a research note on Wednesday, October 8th. Barclays lowered their target price on shares of C4 Therapeutics from $10.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. Finally, TD Cowen assumed coverage on shares of C4 Therapeutics in a research report on Tuesday, December 2nd. They set a “buy” rating for the company. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.25.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zacks Investment Management acquired a new stake in shares of C4 Therapeutics during the 3rd quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in C4 Therapeutics during the third quarter worth approximately $43,000. Dynamic Technology Lab Private Ltd purchased a new stake in C4 Therapeutics in the 2nd quarter worth approximately $31,000. Savant Capital LLC acquired a new position in C4 Therapeutics in the 2nd quarter valued at $38,000. Finally, Acadian Asset Management LLC acquired a new position in C4 Therapeutics in the 1st quarter valued at $43,000. 78.81% of the stock is currently owned by hedge funds and other institutional investors.

C4 Therapeutics Stock Performance

CCCC stock opened at $1.91 on Thursday. The stock’s 50 day moving average price is $2.40 and its 200 day moving average price is $2.31. The firm has a market cap of $185.10 million, a P/E ratio of -1.14 and a beta of 2.87. C4 Therapeutics has a 1 year low of $1.09 and a 1 year high of $4.26.

C4 Therapeutics (NASDAQ:CCCC) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.47) by $0.03. C4 Therapeutics had a negative return on equity of 64.40% and a negative net margin of 395.51%.The company had revenue of $11.23 million during the quarter, compared to the consensus estimate of $6.28 million. On average, research analysts predict that C4 Therapeutics will post -1.52 earnings per share for the current year.

About C4 Therapeutics

C4 Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted protein degraders. Utilizing its proprietary Controlled Inducible Degradation (CiD) platform, the company seeks to eliminate disease-causing proteins by harnessing the body’s natural protein disposal machinery. This approach aims to address a wide range of oncology and immuno-oncology indications by targeting proteins that have historically been difficult to inhibit with traditional small molecules or antibodies.

The company’s pipeline includes multiple small-molecule degrader candidates advancing through preclinical and clinical stages.