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

C4 Therapeutics, Inc. (NASDAQ:CCCC) was the target of a significant drop in short interest in 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 days-to-cover ratio is currently 6.0 days.

C4 Therapeutics Price Performance

NASDAQ CCCC traded down $0.41 on Friday, reaching $4.31. 1,514,488 shares of the company’s stock traded hands, compared to its average volume of 2,126,106. The stock has a market cap of $304.24 million, a PE ratio of -2.54 and a beta of 3.04. C4 Therapeutics has a 12 month low of $1.06 and a 12 month high of $11.88. The stock has a 50-day simple moving average of $5.89 and a 200 day simple moving average of $5.73.

C4 Therapeutics (NASDAQ:CCCC) last released its earnings results on Thursday, October 31st. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.05. The company had revenue of $15.36 million for the quarter, compared to analyst estimates of $5.95 million. C4 Therapeutics had a negative net margin of 313.35% and a negative return on equity of 42.45%. As a group, analysts anticipate that C4 Therapeutics will post -1.48 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of C4 Therapeutics by 46.0% in the first 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. Acadian Asset Management LLC boosted its position in C4 Therapeutics by 415.8% during the 2nd quarter. Acadian Asset Management LLC now owns 113,436 shares of the company’s stock valued at $524,000 after buying an additional 91,443 shares during the period. Bank of New York Mellon Corp bought a new stake in C4 Therapeutics in the 2nd quarter worth $881,000. Hennion & Walsh Asset Management Inc. purchased a new position in shares of C4 Therapeutics in the second quarter valued at about $660,000. Finally, Entropy Technologies LP bought a new position in shares of C4 Therapeutics during the first quarter valued at about $126,000. 78.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, BMO Capital Markets reaffirmed an “outperform” rating and set a $20.00 price objective on shares of C4 Therapeutics in a report on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, C4 Therapeutics currently has an average rating of “Hold” and a consensus price target of $11.20.

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.