C4 Therapeutics initiated with an Equal Weight at Stephens

Stephens initiated coverage of C4 Therapeutics (CCCC) with an Equal Weight rating and $4 price target The firm is adding to its Biotechnology research coverage with a focus on targeted protein degradation, or TPD, technology and commercial and clinical-stage rare disease-focused companies. C4 is targeting solid tumor indications with a TPD therapeutic strategy, but “checkered efficacy outcomes crop up concerns on the strategy of the company and ability to secure regulatory approval,” the analyst tells investors.