C4 Therapeutics, Inc. (NASDAQ:CCCC) Sees Large Decrease in Short Interest

C4 Therapeutics, Inc. (NASDAQ:CCCC) was the target of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 5,850,000 shares, a drop of 12.0% from the October 15th total of 6,650,000 shares. Based on an average daily volume of 975,000 shares, the short-interest ratio is currently 6.0 days.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of C4 Therapeutics by 46.0% in the 1st quarter. Vanguard Group Inc. now owns 2,920,028 shares of the company’s stock valued at $23,857,000 after purchasing an additional 920,627 shares during the last quarter. Acadian Asset Management LLC boosted its stake in shares of C4 Therapeutics by 415.8% in the 2nd quarter. Acadian Asset Management LLC now owns 113,436 shares of the company’s stock valued at $524,000 after purchasing an additional 91,443 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of C4 Therapeutics during the 2nd quarter valued at approximately $881,000. Hennion & Walsh Asset Management Inc. acquired a new position in C4 Therapeutics during the 2nd quarter worth approximately $660,000. Finally, Entropy Technologies LP bought a new position in C4 Therapeutics in the 1st quarter valued at approximately $126,000. Institutional investors own 78.81% of the company’s stock.

Wall Street Analyst Weigh In

Separately, BMO Capital Markets restated an “outperform” rating and issued a $20.00 price target on shares of C4 Therapeutics in a research note on Tuesday, August 6th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, C4 Therapeutics presently has an average rating of “Hold” and an average target price of $11.20.

C4 Therapeutics Stock Performance

Shares of CCCC stock traded down $0.41 on Friday, hitting $4.31. The company’s stock had a trading volume of 1,514,488 shares, compared to its average volume of 820,382. C4 Therapeutics has a fifty-two week low of $1.06 and a fifty-two week high of $11.88. The company has a market capitalization of $304.24 million, a PE ratio of -2.54 and a beta of 3.04. The stock’s 50 day moving average is $5.89 and its 200-day moving average is $5.73.

C4 Therapeutics (NASDAQ:CCCC) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.05. The company had revenue of $15.36 million during the quarter, compared to the consensus estimate of $5.95 million. C4 Therapeutics had a negative net margin of 313.35% and a negative return on equity of 42.45%. On average, research analysts forecast that C4 Therapeutics will post -1.48 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.