C4 Therapeutics Prices Secondary Offering at $37; Shares Gain

C4 Therapeutics (CCCC) announced that it is offering to sell 4.25 million shares of its common stock at $37 per share. Shares gained 1.2% to close at $38.12 on June 17.

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Founded in 2015, C4 Therapeutics is a clinical-stage biopharmaceutical company committed to transforming the treatment of cancer and other diseases with novel early-stage therapies that show promising ability to eliminate disease-causing proteins. (See CCCC stock chart on TipRanks)

In addition, the company gave the underwriters a 30-day option for the purchase of up to an additional 0.64 million shares of C4 Therapeutics’ common stock at the same price. The offering comes after the stock spiked around 50% over the past year.

Proceeds from the secondary offering, which is expected to close on June 21, are forecast to be approximately $157 million.

H.C. Wainwright analyst Andrew Fein recently initiated coverage on C4 Therapeutics with a Buy rating and a price target of $63 (65.3% upside potential)

Fein is bullish on the stock based on the company’s “validated” targeted protein degradation science and platform approach to create innovative degrader molecules.

Overall, the stock has a Strong Buy consensus rating based on 3 unanimous Buys. The CCCC average analyst price target of $59.33 implies 55.6% upside potential from current levels.