State Street Corp Cuts Position in C4 Therapeutics, Inc. (NASDAQ:CCCC)

State Street Corp lowered its holdings in shares of C4 Therapeutics, Inc. (NASDAQ:CCCC) by 6.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,806,913 shares of the company’s stock after selling 188,035 shares during the quarter. State Street Corp owned approximately 3.98% of C4 Therapeutics worth $15,999,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Bank of New York Mellon Corp acquired a new position in shares of C4 Therapeutics during the 2nd quarter worth approximately $881,000. Hussman Strategic Advisors Inc. purchased a new stake in C4 Therapeutics in the 2nd quarter worth $194,000. Rhumbline Advisers raised its position in C4 Therapeutics by 4,959.8% during the second quarter. Rhumbline Advisers now owns 90,621 shares of the company’s stock worth $419,000 after acquiring an additional 88,830 shares during the period. Acadian Asset Management LLC lifted its holdings in C4 Therapeutics by 415.8% during the second quarter. Acadian Asset Management LLC now owns 113,436 shares of the company’s stock valued at $524,000 after purchasing an additional 91,443 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of C4 Therapeutics in the second quarter valued at about $45,000. Hedge funds and other institutional investors own 78.81% of the company’s stock.

Wall Street Analysts Forecast Growth

CCCC has been the subject of several research analyst reports. Wells Fargo & Company upgraded shares of C4 Therapeutics from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $8.00 to $12.00 in a research report on Thursday, December 19th. Stephens assumed coverage on C4 Therapeutics in a report on Monday, November 18th. They set an “equal weight” rating and a $4.00 target price for the company. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.67.

C4 Therapeutics Trading Down 4.7 %

Shares of NASDAQ CCCC opened at $3.87 on Wednesday. The company has a 50-day moving average of $5.00 and a 200 day moving average of $5.44. C4 Therapeutics, Inc. has a 12-month low of $3.61 and a 12-month high of $11.88. The stock has a market cap of $273.18 million, a PE ratio of -2.28 and a beta of 2.92.

C4 Therapeutics (NASDAQ:CCCC) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.05. C4 Therapeutics had a negative return on equity of 42.45% and a negative net margin of 313.35%. The business had revenue of $15.36 million during the quarter, compared to analyst estimates of $5.95 million. On average, sell-side analysts forecast that C4 Therapeutics, Inc. will post -1.52 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.