Brookline Capital Markets Reiterates C4 Therapeutics (CCCC) at Buy with $84 PT, Calls CFT7455 Data "Stunning", Sees "Single-Agent Therapy" Potential

Brookline Capital Markets analyst Leah Rush Cann reiterated a Buy rating and $84.00 price target on C4 Therapeutics (NASDAQ: CCCC), following the company's recent AACR presentation.

The analyst comments: "Today’s data presentation for Cohort A of the phase I portion of the phase I/II study of CFT7455 in multiple myeloma demonstrated even better than anticipated potency and efficacy from single-agent therapy, and provided safety information that is leading to an alternative dosing schedule. IKZF3 degradation was deeper at 50 and 25 μg/day than was deeper than projected from the pre-clinical observation of IKZF3 degradation of approximately 70% at equivalent exposures. In preclinical experiments, CFT7455 has demonstrated activity with 1,000-fold improvement in potency verses Pomalyst (pomalidomide), and has shown equivalency to the experimental protein degrader, CC-92480, at 1/100th the dose. The adverse events experienced by patients in Cohort A were on-target effects; not entirely surprising at this potency. We believe the alternative schedule for dosing could result in an outcome of better tolerability at these same efficacy levels. We believe this has the potential to be a single-agent, dexamethasone-sparing therapy. "

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 $11.32 yesterday.

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