Franklin Resources Inc. Makes New $202,000 Investment in C4 Therapeutics, Inc. (NASDAQ:CCCC)

Franklin Resources Inc. bought a new stake in C4 Therapeutics, Inc. (NASDAQ:CCCC) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 34,383 shares of the company’s stock, valued at approximately $202,000.

Several other hedge funds also recently modified their holdings of CCCC. Lynx1 Capital Management LP raised its position in C4 Therapeutics by 89.3% in the 2nd quarter. Lynx1 Capital Management LP now owns 6,880,527 shares of the company’s stock valued at $31,788,000 after buying an additional 3,245,865 shares during the last quarter. Point72 Asset Management L.P. grew its stake in shares of C4 Therapeutics by 331.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,201,848 shares of the company’s stock worth $6,851,000 after acquiring an additional 923,268 shares in the last quarter. Wasatch Advisors LP raised its holdings in shares of C4 Therapeutics by 17.1% in the third quarter. Wasatch Advisors LP now owns 5,677,368 shares of the company’s stock valued at $32,361,000 after purchasing an additional 830,218 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of C4 Therapeutics during the second quarter valued at about $881,000. Finally, FMR LLC boosted its holdings in C4 Therapeutics by 687.0% during the third quarter. FMR LLC now owns 185,941 shares of the company’s stock worth $1,060,000 after purchasing an additional 162,314 shares during the last quarter. 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 analyst reports. Wells Fargo & Company upgraded shares of C4 Therapeutics from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $8.00 to $12.00 in a research note on Thursday, December 19th. Stephens started coverage on C4 Therapeutics in a report on Monday, November 18th. They issued an “equal weight” rating and a $4.00 target price for the company. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.67.

C4 Therapeutics Stock Performance

NASDAQ CCCC opened at $3.66 on Friday. The company has a market capitalization of $258.36 million, a PE ratio of -2.15 and a beta of 2.92. C4 Therapeutics, Inc. has a 52-week low of $3.43 and a 52-week high of $11.88. The company has a 50-day simple moving average of $4.64 and a 200 day simple moving average of $5.39.

C4 Therapeutics (NASDAQ:CCCC) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.05. C4 Therapeutics had a negative net margin of 313.35% and a negative return on equity of 42.45%. The company had revenue of $15.36 million during the quarter, compared to analyst estimates of $5.95 million. As a group, analysts forecast that C4 Therapeutics, Inc. will post -1.52 EPS for the current fiscal year.

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.