C4 Therapeutics (NASDAQ:CCCC) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of C4 Therapeutics (NASDAQ:CCCC) from a buy rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “C4 Therapeutics Inc. is a biopharmaceutical company. It is focused on harnessing the body’s natural regulation of protein levels to develop novel therapeutic candidates to target and destroy disease-causing proteins for the treatment of cancer, neurodegenerative conditions and other diseases. C4 Therapeutics Inc. is based in WATERTOWN, Mass. “

Several other analysts have also weighed in on the stock. SVB Leerink assumed coverage on shares of C4 Therapeutics in a research note on Thursday, October 14th. They issued a market perform rating and a $20.00 price objective for the company. Stifel Nicolaus assumed coverage on shares of C4 Therapeutics in a research note on Wednesday, September 29th. They issued a hold rating and a $45.00 price objective for the company. Finally, Bank of America assumed coverage on shares of C4 Therapeutics in a research note on Tuesday. They issued a buy rating and a $54.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Buy and an average target price of $47.71.

C4 Therapeutics stock opened at $37.82 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 8.47 and a quick ratio of 8.47. C4 Therapeutics has a 52-week low of $27.25 and a 52-week high of $51.21. The stock’s 50 day moving average price is $45.14.

C4 Therapeutics (NASDAQ:CCCC) last released its quarterly earnings results on Wednesday, November 10th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.57) by $0.06. C4 Therapeutics had a negative net margin of 265.03% and a negative return on equity of 26.49%. The firm had revenue of $8.50 million during the quarter, compared to analyst estimates of $7.28 million. Analysts forecast that C4 Therapeutics will post -2.13 earnings per share for the current year.

In related news, Director Elena Prokupets sold 2,550 shares of the business’s stock in a transaction dated Friday, September 10th. The shares were sold at an average price of $50.00, for a total value of $127,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Malcolm Salter sold 755 shares of the business’s stock in a transaction dated Friday, October 15th. The stock was sold at an average price of $44.94, for a total transaction of $33,929.70. The disclosure for this sale can be found here. In the last three months, insiders sold 122,104 shares of company stock valued at $5,971,806. 21.04% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC purchased a new stake in C4 Therapeutics in the 2nd quarter worth approximately $26,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in C4 Therapeutics in the 3rd quarter worth approximately $53,000. Ameritas Investment Partners Inc. lifted its stake in C4 Therapeutics by 202.0% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,700 shares of the company’s stock worth $102,000 after purchasing an additional 1,806 shares in the last quarter. SG Americas Securities LLC lifted its stake in C4 Therapeutics by 8.0% in the 2nd quarter. SG Americas Securities LLC now owns 4,290 shares of the company’s stock worth $162,000 after purchasing an additional 318 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in C4 Therapeutics by 317.8% in the 2nd quarter. Legal & General Group Plc now owns 4,571 shares of the company’s stock worth $173,000 after purchasing an additional 3,477 shares in the last quarter. Institutional investors and hedge funds own 70.31% of the company’s stock.

C4 Therapeutics Company Profile

C4 Therapeutics, Inc, a biopharmaceutical company, develops novel therapeutic candidates to target and destroy disease-causing proteins for the treatment of cancer, neurodegenerative conditions, and other diseases. Its lead product candidate is CFT7455, an orally bioavailable degrader that is in preclinical stage targeting IKZF1/3 for multiple myeloma and non-Hodgkin lymphomas, including peripheral T-cell lymphoma and mantle cell lymphoma.

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