Point72 Asset Management L.P. Boosts Stock Holdings in C4 Therapeutics, Inc. (NASDAQ:CCCC)

Point72 Asset Management L.P. grew its stake in shares of C4 Therapeutics, Inc. (NASDAQ:CCCC) by 331.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,201,848 shares of the company’s stock after buying an additional 923,268 shares during the period. Point72 Asset Management L.P. owned 1.70% of C4 Therapeutics worth $6,851,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Headlands Technologies LLC acquired a new position in C4 Therapeutics in the second quarter valued at $45,000. Cynosure Group LLC purchased a new position in shares of C4 Therapeutics in the 3rd quarter worth about $57,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of C4 Therapeutics in the 2nd quarter worth about $51,000. Aigen Investment Management LP acquired a new position in shares of C4 Therapeutics in the 3rd quarter valued at about $82,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of C4 Therapeutics by 81.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 41,664 shares of the company’s stock worth $237,000 after purchasing an additional 18,746 shares during the period. 78.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Stephens began coverage on shares of C4 Therapeutics in a report on Monday, November 18th. They issued an “equal weight” rating and a $4.00 price target on the stock. Four 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, C4 Therapeutics currently has an average rating of “Hold” and an average target price of $10.00.

C4 Therapeutics Stock Performance

CCCC stock opened at $4.42 on Monday. The firm has a market cap of $312.01 million, a P/E ratio of -2.60 and a beta of 2.92. C4 Therapeutics, Inc. has a 1 year low of $1.12 and a 1 year high of $11.88. The stock has a 50-day simple moving average of $5.28 and a 200-day simple moving average of $5.51.

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, topping analysts’ consensus estimates of ($0.40) by $0.05. The firm had revenue of $15.36 million during the quarter, compared to analysts’ expectations of $5.95 million. C4 Therapeutics had a negative return on equity of 42.45% and a negative net margin of 313.35%. On average, equities research analysts predict that C4 Therapeutics, Inc. will post -1.49 EPS for the current year.

C4 Therapeutics Profile

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.