Short Interest in C4 Therapeutics, Inc. (NASDAQ:CCCC) Grows By 19.4%

C4 Therapeutics, Inc. (NASDAQ:CCCC) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totaling 16,157,271 shares, an increase of 19.4% from the March 15th total of 13,534,910 shares. Based on an average daily volume of 1,918,825 shares, the days-to-cover ratio is currently 8.4 days. Currently, 18.1% of the shares of the company are short sold.

C4 Therapeutics Price Performance

Shares of NASDAQ CCCC traded up $0.02 during trading on Friday, hitting $2.92. 101,319 shares of the company were exchanged, compared to its average volume of 2,357,838. C4 Therapeutics has a 1 year low of $1.20 and a 1 year high of $3.82. The company has a market cap of $284.45 million, a price-to-earnings ratio of -2.13 and a beta of 2.85. The firm’s fifty day moving average price is $2.58 and its 200 day moving average price is $2.39.

C4 Therapeutics (NASDAQ:CCCC) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.43) by $0.25. C4 Therapeutics had a negative net margin of 292.08% and a negative return on equity of 53.83%. The firm had revenue of $11.02 million during the quarter, compared to analysts’ expectations of $4.48 million. On average, research analysts forecast that C4 Therapeutics will post -1.52 earnings per share for the current year.

Hedge Funds Weigh In On C4 Therapeutics

Several hedge funds have recently bought and sold shares of the company. RA Capital Management L.P. acquired a new stake in C4 Therapeutics in the fourth quarter valued at $15,280,000. Bain Capital Life Sciences Investors LLC boosted its position in shares of C4 Therapeutics by 545.0% in the 4th quarter. Bain Capital Life Sciences Investors LLC now owns 7,171,910 shares of the company’s stock worth $13,698,000 after buying an additional 6,060,000 shares in the last quarter. Wells Fargo & Company MN grew its stake in C4 Therapeutics by 4,236.9% in the 4th quarter. Wells Fargo & Company MN now owns 809,260 shares of the company’s stock valued at $1,546,000 after acquiring an additional 790,600 shares during the last quarter. Wasatch Advisors LP increased its holdings in C4 Therapeutics by 10.4% during the 2nd quarter. Wasatch Advisors LP now owns 7,424,662 shares of the company’s stock valued at $10,617,000 after acquiring an additional 700,253 shares in the last quarter. Finally, Jane Street Group LLC raised its position in C4 Therapeutics by 329.7% during the fourth quarter. Jane Street Group LLC now owns 874,794 shares of the company’s stock worth $1,671,000 after acquiring an additional 671,226 shares during the last quarter. 78.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on CCCC. TD Cowen reaffirmed a “buy” rating on shares of C4 Therapeutics in a research note on Thursday, February 26th. boosted their target price on C4 Therapeutics from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, February 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of C4 Therapeutics in a research note on Wednesday, January 21st. Wall Street Zen raised C4 Therapeutics from a “strong sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Barclays lifted their price objective on shares of C4 Therapeutics from $5.00 to $7.00 and gave the company an “overweight” rating in a research report on Thursday, February 26th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $7.75.

C4 Therapeutics Company Profile

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.