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

C4 Therapeutics, Inc. (NASDAQ:CCCC) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 11,630,000 shares, a growth of 10.8% from the August 15th total of 10,500,000 shares. Based on an average daily volume of 1,580,000 shares, the days-to-cover ratio is currently 7.4 days.

Analysts Set New Price Targets

Separately, BMO Capital Markets reissued an “outperform” rating and issued a $20.00 target price on shares of C4 Therapeutics in a report on Tuesday, August 6th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, C4 Therapeutics presently has a consensus rating of “Hold” and an average target price of $9.29.

Institutional Investors Weigh In On C4 Therapeutics

Several institutional investors have recently made changes to their positions in the stock. Lighthouse Investment Partners LLC acquired a new stake in shares of C4 Therapeutics in the fourth quarter valued at about $124,000. Bellevue Group AG acquired a new stake in shares of C4 Therapeutics during the 4th quarter valued at approximately $350,000. Wasatch Advisors LP boosted its stake in shares of C4 Therapeutics by 14.3% during the 4th quarter. Wasatch Advisors LP now owns 7,138,949 shares of the company’s stock worth $40,335,000 after acquiring an additional 891,808 shares in the last quarter. Commodore Capital LP purchased a new stake in shares of C4 Therapeutics during the 4th quarter worth approximately $21,470,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of C4 Therapeutics in the 1st quarter worth approximately $339,000. 78.81% of the stock is currently owned by hedge funds and other institutional investors.

C4 Therapeutics Stock Performance

NASDAQ:CCCC traded up $0.10 during mid-day trading on Tuesday, reaching $6.46. The stock had a trading volume of 713,675 shares, compared to its average volume of 2,424,933. C4 Therapeutics has a twelve month low of $1.06 and a twelve month high of $11.88. The business has a 50 day simple moving average of $6.13 and a 200 day simple moving average of $6.46. The firm has a market capitalization of $444.49 million, a price-to-earnings ratio of -2.68 and a beta of 3.05.

C4 Therapeutics (NASDAQ:CCCC) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.11. C4 Therapeutics had a negative return on equity of 44.60% and a negative net margin of 367.17%. The business had revenue of $12.01 million during the quarter, compared to analysts’ expectations of $6.88 million. As a group, sell-side analysts expect that C4 Therapeutics will post -1.57 earnings per share for the current year.

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.