What's Going On With C4 Therapeutics Stock?

C4 Therapeutics, Inc. CCCC shares are trading higher Friday, and the stock has gained more than 350% over the past five days. Here's a look at what's going on:

What To Know:

C4 Therapeutics announced data from the CFT7455 Phase 1 trial in relapsed/refractory multiple myeloma and an exclusive license and collaboration agreement with Merck & Co Inc MRK to develop degrader-antibody conjugates (DACs) designed to selectively target and neutralize disease-causing proteins in cancer cells on Tuesday. Under the terms of the Merck agreement, C4 Therapeutics will receive a $10 million upfront payment.

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

C4 Therapeutics shares are climbing on heavy trading volume Thursday with more than 56 million shares already traded in the session. According to data from Benzinga Pro, Friday's trading volume has far surpassed the stock's 100-day average volume of 9.292 million shares.

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CCCC Price Action: According to Benzinga Pro, C4 Therapeutics shares are up  14.5% at $5.75 at the time of publication.

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