The Manufacturers Life Insurance Company Sells 49,300 Shares of C4 Therapeutics, Inc. (NASDAQ:CCCC)

The Manufacturers Life Insurance Company reduced its stake in shares of C4 Therapeutics, Inc. (NASDAQ:CCCC) by 68.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,918 shares of the company’s stock after selling 49,300 shares during the period. The Manufacturers Life Insurance Company’s holdings in C4 Therapeutics were worth $106,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CCCC. Vanguard Group Inc. raised its position in shares of C4 Therapeutics by 46.0% during the first quarter. Vanguard Group Inc. now owns 2,920,028 shares of the company’s stock worth $23,857,000 after acquiring an additional 920,627 shares during the last quarter. Lynx1 Capital Management LP increased its position in C4 Therapeutics by 16.0% during the 1st quarter. Lynx1 Capital Management LP now owns 3,634,662 shares of the company’s stock valued at $29,695,000 after purchasing an additional 500,266 shares during the period. Bank of New York Mellon Corp bought a new position in C4 Therapeutics during the 2nd quarter worth approximately $881,000. Hennion & Walsh Asset Management Inc. acquired a new stake in C4 Therapeutics during the 2nd quarter worth about $660,000. Finally, Acadian Asset Management LLC raised its position in shares of C4 Therapeutics by 415.8% in the 2nd quarter. Acadian Asset Management LLC now owns 113,436 shares of the company’s stock worth $524,000 after acquiring an additional 91,443 shares in the last quarter. 78.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets restated an “outperform” rating and set a $20.00 price target on shares of C4 Therapeutics in a report on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $10.50.

C4 Therapeutics Stock Performance

C4 Therapeutics stock opened at $6.35 on Monday. The stock has a market cap of $436.92 million, a PE ratio of -2.68 and a beta of 3.04. C4 Therapeutics, Inc. has a fifty-two week low of $1.06 and a fifty-two week high of $11.88. The firm’s 50-day simple moving average is $6.03 and its 200 day simple moving average is $5.90.

C4 Therapeutics (NASDAQ:CCCC) last released its earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.11. The company had revenue of $12.01 million during 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%. As a group, analysts predict that C4 Therapeutics, Inc. will post -1.57 EPS for the current fiscal 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.