C4 Therapeutics Stock Is Surging Wednesday: What's Going On?

C4 Therapeutics Inc CCCC shares are trading higher Wednesday after the company presented data from a Phase 1 trial for the potential treatment of multiple myeloma.

What Happened: C4 Therapeutics highlighted the ongoing Phase 1 dose escalation portion of its Phase 1/2 clinical trial of CFT7455, a MonoDAC degrader of IKZF1/3. The company said CFT7455 monotherapy is showing promising signs of anti-myeloma and immunomodulatory activity and anti-myeloma activity when combined with dexamethasone. The signs were particularly promising in patients who have undergone numerous lines of prior therapy for multiple myeloma. 

"We have established 14 days on/14 days off as the optimal dosing schedule, which is consistent with our preclinical data supporting CFT7455 as a rationally designed IKZF1/3 degrader with the potential to offer a new therapy for patients with relapsed/refractory multiple myeloma," said Len Reyno, chief medical officer of C4 Therapeutics.

C4 Therapeutics said it expects to present complete Phase 1 dose escalation data on CFT7455 from ongoing Phase 1/2 clinical trials in 2024.

Following the update, Stifel analyst Bradley Canino upgraded C4 Therapeutics from Hold to Buy and raised the price target from $2 to $12.

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CCCC Price Action: C4 Therapeutics shares were up 26.1% at $2.96 at the time of publication, according to Benzinga Pro.

Photo: u_qzc1eihxev from Pixabay.