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

C4 Therapeutics, Inc. (NASDAQ:CCCC) saw a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 14,540,000 shares, an increase of 9.7% from the May 31st total of 13,260,000 shares. Based on an average daily volume of 1,430,000 shares, the days-to-cover ratio is currently 10.2 days.

Hedge Funds Weigh In On C4 Therapeutics

Hedge funds have recently modified their holdings of the business. Commodore Capital LP purchased a new stake in C4 Therapeutics in the 4th quarter valued at about $21,470,000. Vanguard Group Inc. raised 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 acquiring an additional 920,627 shares during the period. Wasatch Advisors LP lifted its holdings in shares of C4 Therapeutics by 14.3% in 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 during the last quarter. Lynx1 Capital Management LP boosted its position in shares of C4 Therapeutics by 16.0% during the 1st quarter. Lynx1 Capital Management LP now owns 3,634,662 shares of the company’s stock worth $29,695,000 after purchasing an additional 500,266 shares during the period. Finally, Bellevue Group AG acquired a new stake in C4 Therapeutics in the 4th quarter valued at approximately $350,000. 78.81% of the stock is currently owned by hedge funds and other institutional investors.

C4 Therapeutics Price Performance

NASDAQ:CCCC opened at $4.55 on Thursday. The company’s 50-day moving average is $5.35 and its two-hundred day moving average is $6.64. C4 Therapeutics has a 1-year low of $1.06 and a 1-year high of $11.88. The firm has a market capitalization of $313.09 million, a price-to-earnings ratio of -1.92 and a beta of 3.07.

C4 Therapeutics (NASDAQ:CCCC) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.41) earnings per share for the quarter, hitting the consensus estimate of ($0.41). The company had revenue of $3.04 million during the quarter, compared to analyst estimates of $10.93 million. C4 Therapeutics had a negative return on equity of 52.85% and a negative net margin of 629.24%. As a group, equities analysts anticipate that C4 Therapeutics will post -1.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CCCC shares. Wells Fargo & Company increased their target price on shares of C4 Therapeutics from $7.00 to $8.00 and gave the company an “equal weight” rating in a research report on Thursday, May 9th. Stifel Nicolaus increased their price objective on shares of C4 Therapeutics from $13.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $10.13.

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.