Short Interest in C4 Therapeutics, Inc. (NASDAQ:CCCC) Expands By 10.8%

C4 Therapeutics, Inc. (NASDAQ:CCCC) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 11,630,000 shares, a growth of 10.8% from the August 15th total of 10,500,000 shares. Based on an average daily volume of 1,580,000 shares, the days-to-cover ratio is presently 7.4 days.

C4 Therapeutics Trading Down 3.4 %

Shares of NASDAQ CCCC traded down $0.22 during trading hours on Wednesday, hitting $6.24. 238,248 shares of the company traded hands, compared to its average volume of 2,415,107. The company’s 50 day moving average price is $6.16 and its 200 day moving average price is $6.43. C4 Therapeutics has a 12 month low of $1.06 and a 12 month high of $11.88. The stock has a market capitalization of $429.35 million, a price-to-earnings ratio of -2.73 and a beta of 3.05.

C4 Therapeutics (NASDAQ:CCCC) last announced its earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.11. C4 Therapeutics had a negative net margin of 367.17% and a negative return on equity of 44.60%. The business had revenue of $12.01 million for the quarter, compared to the consensus estimate of $6.88 million. Equities analysts anticipate that C4 Therapeutics will post -1.57 EPS for the current year.

Institutional Investors Weigh In On C4 Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of CCCC. Headlands Technologies LLC bought a new position in C4 Therapeutics in the 2nd quarter valued at $45,000. B. Riley Wealth Advisors Inc. purchased a new position in C4 Therapeutics in the 2nd quarter worth about $51,000. Lighthouse Investment Partners LLC bought a new stake in C4 Therapeutics during the 4th quarter valued at about $124,000. Cornercap Investment Counsel Inc. bought a new stake in C4 Therapeutics during the 2nd quarter valued at about $125,000. Finally, Entropy Technologies LP purchased a new stake in C4 Therapeutics in the 1st quarter valued at about $126,000. 78.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets restated an “outperform” rating and issued a $20.00 price target on shares of C4 Therapeutics in a research report on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, C4 Therapeutics currently has a consensus rating of “Hold” and an average price target of $9.29.

C4 Therapeutics Company 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.