C4 Therapeutics, Inc. (NASDAQ: CCCC) is a clinical-stage biotech company. It is working to create a new generation of medicines using targeted protein degradation science to improve patient outcomes.
C4 Therapeutics Stock Rally
At the close of trading on December 12, 2023, the stock rallied 98.31% to reach a price of $2.34 per share. The stock rally was caused by a couple of announcements by the company early that day.
Merck Collaboration
In the first announcement, C4 Therapeutics announced that it was working with Merck to develop degrader-antibody conjugates (DACs). This emerging science aims to target and neutralize proteins in cancer cells.
Under the agreement, C4 Therapeutics will receive an upfront payment of $10 million. Additionally, C4T will be eligible for milestone payments of up to $600 million. There will also be tiered royalties on future sales. Under the agreement, Merck has the right to extend collaboration. C4T would receive up to $2.5 billion in payments if it exercised its options.
C4 Therapeutics will use its proprietary TORPEDO® platform to create degraded payload in the discovery phase as part of the agreement. Merck will be in charge of antibody conjugation to create DACs. Additionally, they will be responsible for advancing these DACs through preclinical and clinical stages and commercialization.
Positive Phase 1 Trial Data
In the second announcement, C4T announced positive data from its CFT7455 Phase 1 Trial for treating multiple myeloma. The data showed that 22 patients received CFT7455 monotherapy treatment. According to the data:
- CFT7455 has a 48-hour half-life
- Daily dosing at 14 days on/14 days off led to deep IKZF1/3 degradation.
- After 14 days, degraded proteins begin recovery through day 28 as CFT7455 concentrations decline, enabling neutrophil recovery.
- By November 28, 2023, 20 patients were evaluated for anti-tumor effects.
The results show that there was T-cell activation in well-tolerated monotherapy doses. That supports the potential use of CFT7455 with bi-specific T-cell engagers and monoclonal antibody therapies.
C4 Therapeutics Stock Forecast
CCCC stock has had a great run since the release of two announcements on December 12, 2023. However, the stock is down 45.85% year to date. Based on recent information from the company, analysts now give the stock a high price target of $16 and a low of $1. The average price target for CCC stock is $7.75, a 129.63% upside based on its closing price of $2.34.
Should You Buy C4 Therapeutics Stock?
C4T has recently bagged a major deal that could provide up to $2.5 billion in funding for its anti-cancer drug research. Additionally, data from its recent phase 1 trial look promising. However, the company is still a clinical-stage company without any products in the market. Despite this, its research looks promising and could transform the future of healthcare.
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