C4 Therapeutics (CCCC) PT Raised to $10 at Wells Fargo

Wells Fargo analyst Derek Archila raised the price target on C4 Therapeutics (NASDAQ: CCCC) to $10.00 (from $5.00) while maintaining a Overweight rating.

The analyst comments "We think cemsi's updated data at the 75ug and 100ug doses presented this weekend at the IMS mtg suggest better efficacy/safety than BMS programs and should allow for future combos in earlier-line MM. We think shares should trade up on the news. Updated efficacy is competitive. 100ug QD (14on/14off) demonstrated a 53% ORR (8/15) as of 9/5, improved from 50% (n=10) at the prior cut, and two pts achieved CRs. 75ug maintained 40% ORR (n=20), similar to mezig's 41%, though cemsi's Ph1 had more heavily pre-treated pts (75% prior BCMA, 100% anti-CD38 and 100% triple exposed) vs. mezig's (30%, 100% and 100%). Notably, 67% of 75/100ug responders remain on Tx, and DOR of 9.3mos looks better than mezig/iber and DOR/PFS are likely to improve."

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