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

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

Wall Street Analyst Weigh In

Separately, BMO Capital Markets reissued an “outperform” rating and set a $20.00 price objective on shares of C4 Therapeutics in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $11.20.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of C4 Therapeutics in the 1st quarter worth approximately $339,000. SG Americas Securities LLC purchased a new stake in shares of C4 Therapeutics in the first quarter worth $183,000. Entropy Technologies LP bought a new position in shares of C4 Therapeutics during the first quarter valued at $126,000. Vanguard Group Inc. raised its position 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 worth $23,857,000 after purchasing an additional 920,627 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new position in C4 Therapeutics in the 1st quarter worth about $233,000. 78.81% of the stock is currently owned by institutional investors.

C4 Therapeutics Stock Down 8.7 %

Shares of NASDAQ:CCCC traded down $0.41 during trading on Friday, hitting $4.31. The stock had a trading volume of 1,514,488 shares, compared to its average volume of 2,126,106. C4 Therapeutics has a 12 month low of $1.06 and a 12 month 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 firm’s fifty day moving average is $5.89 and its 200 day moving average is $5.73.

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