UPDATE: Stifel Starts C4 Therapeutics (CCCC) at Hold

Stifel analyst Bradley Canino initiates coverage on C4 Therapeutics (NASDAQ: CCCC) with a Hold rating and a price target of $45.00.

The analyst comments "CCCC is a pioneer targeted protein degradation (TPD) company. The lead asset in phase 1 CFT7455 degrades two transcription factors, IKZF1/3, that are the known targets of blockbuster multiple myeloma (MM) drugs Revlimid and Pomalyst. We believe this strategy significantly de-risks development, especially as CFT7455's preclinical data demonstrate activity after both prior degraders. However, with two similar drugs already approved for MM, the parallel development of Bristol's own next-generation IKZF1/3 degrader CC-92480 in phase 2, and the advancement of alternative MM drugs (namely BCMA), we think the market will require a robust phase 1 data set to add incremental credit on the basis of broader and earlier MM use. Those data are expected in 2023 after an early interim look in 2022, and we believe shares are more likely to trade range-bound with this set-up."

For an analyst ratings summary and ratings history on C4 Therapeutics click here. For more ratings news on C4 Therapeutics click here.

Shares of C4 Therapeutics closed at $49.50 yesterday.

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