CCCC - C4 Therapeutics hits New 52-week High

2024-02-28 11:36:23 ET

DENVER, Colo., Feb 28, 2024 ( 247marketnews.com )- C4 Therapeutics (NASDAQ: CCCC ) hit another new 52-week high, today, and is continuing a run, which we started covering when it was trading at $1.54, following its license and research collaboration with Merck news, in December and a week after hit a 52-week low.

C4T is trading at $10.99, up $1.24 (+12.72%), on trading volume of 2,249,272 shares, after hitting a new 52-week high of $11.17 and is below the $16 consensus price target.

We stated that it may be driven higher by short covering, because it broke its all-time daily trading volume, on more than 222 million shares traded that day, meaning it traded its reported 37.72 million share float about six times in just one day.

C4’s trading looks like it not only trapped the old shorts, it’s trapping some of the new shorts who could be adding fuel to the fire.

C4 reported its fourth quarter and full year 2023 financial results, yesterday, and Andrew Hirsch, CEO and president of C4 Therapeutics, stated, “We began 2024 with positive momentum across our portfolio and are looking forward to sharing data from our two lead programs, CFT7455 and CFT1946, in the second half of the year, as well as supporting our partner, Betta Pharmaceuticals, with trial start-up activities for the Phase 1 trial of CFT8919 in Greater China this year. As we continue to advance our portfolio, we are well-positioned with a strong balance sheet to deliver on our goals and execute through and beyond meaningful value inflection points in order to bring new therapeutic options to patients with difficult-to-treat diseases.”

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