Acadian Asset Management LLC Buys 91,443 Shares of C4 Therapeutics, Inc. (NASDAQ:CCCC)

Acadian Asset Management LLC increased its stake in C4 Therapeutics, Inc. (NASDAQ:CCCC) by 415.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 113,436 shares of the company’s stock after acquiring an additional 91,443 shares during the period. Acadian Asset Management LLC owned about 0.16% of C4 Therapeutics worth $524,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Lighthouse Investment Partners LLC purchased a new position in shares of C4 Therapeutics in the fourth quarter worth $124,000. Bellevue Group AG purchased a new position in shares of C4 Therapeutics in the fourth quarter valued at about $350,000. Wasatch Advisors LP raised its stake in shares of C4 Therapeutics by 14.3% during the fourth quarter. Wasatch Advisors LP now owns 7,138,949 shares of the company’s stock valued at $40,335,000 after acquiring an additional 891,808 shares during the last quarter. Commodore Capital LP purchased a new stake in shares of C4 Therapeutics during the fourth quarter worth about $21,470,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of C4 Therapeutics in the first quarter worth about $339,000. 78.81% of the stock is currently owned by hedge funds and other institutional investors.

C4 Therapeutics Stock Performance

C4 Therapeutics stock opened at $6.38 on Thursday. C4 Therapeutics, Inc. has a fifty-two week low of $1.06 and a fifty-two week high of $11.88. The stock’s 50 day simple moving average is $6.18 and its two-hundred day simple moving average is $6.43. The stock has a market cap of $438.98 million, a price-to-earnings ratio of -2.69 and a beta of 3.05.

C4 Therapeutics (NASDAQ:CCCC) last released its quarterly 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. The company had revenue of $12.01 million for the quarter, compared to analyst estimates of $6.88 million. C4 Therapeutics had a negative return on equity of 44.60% and a negative net margin of 367.17%. On average, analysts predict that C4 Therapeutics, Inc. will post -1.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets reaffirmed an “outperform” rating and set a $20.00 price target on shares of C4 Therapeutics in a research report on Tuesday, August 6th. Four equities research 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, the company currently has an average rating of “Hold” and an average price target of $9.29.

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.