Street Calls of the Week
Investing.com - Wells Fargo raised its price target on C4 Therapeutics (NASDAQ:CCCC) to $10.00 from $5.00 on Tuesday, while maintaining an Overweight rating on the stock. The company, currently trading at $2.61, is considered undervalued according to InvestingPro analysis, with analyst targets ranging from $6 to $50.
The price target increase follows updated clinical data for C4’s cemsi treatment presented at the IMS meeting, which Wells Fargo believes demonstrates better efficacy and safety profiles compared to Bristol Myers Squibb programs. Despite recent positive developments, InvestingPro data shows the stock has experienced significant volatility, with a beta of 3.0 and a 23% decline over the past week.
At the 100ug QD dose (14 days on/14 days off), cemsi showed a 53% overall response rate (ORR) in 15 patients as of September 5, improved from 50% in 10 patients at the prior data cut, with two patients achieving complete responses.
The 75ug dose maintained a 40% ORR across 20 patients, which Wells Fargo notes is comparable to competitor mezig’s 41% response rate, despite cemsi’s Phase 1 trial including more heavily pre-treated patients (75% prior BCMA exposure versus 30% for mezig).
Wells Fargo highlighted that 67% of responders at the 75/100ug doses remain on treatment, with a duration of response of 9.3 months, which appears superior to competing treatments mezig and iber, with potential for further improvement in duration of response and progression-free survival. While the company maintains strong liquidity with a current ratio of 5.06, InvestingPro subscribers can access 8 additional key financial metrics and tips to better evaluate the investment opportunity.
In other recent news, C4 Therapeutics reported promising results from its Phase 1 clinical trial for the investigational oral drug cemsidomide, which, when combined with dexamethasone, achieved a 50% overall response rate at the highest dose level in patients with relapsed or refractory multiple myeloma. The trial results highlighted a median duration of response of 9.3 months across all dose levels, with the highest doses yet to reach their median duration. Additionally, Barclays has reiterated its Overweight rating on C4 Therapeutics, maintaining a price target of $8.00 per share, citing a positive outlook for the company. Stephens also upgraded C4 Therapeutics from Equal Weight to Overweight, setting a price target of $6.00, signaling potential upside and improved visibility for the company. Guggenheim initiated coverage with a Buy rating, highlighting the potential market value of cemsidomide despite competition from larger pharmaceutical firms. C4 Therapeutics plans to host a webcast to discuss the trial data, which will be presented at the International Myeloma Society Annual Meeting. Dr. Binod Dhakal will deliver an oral presentation on the updated results of this first-in-human study.
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