JP Morgan Recognizes Enhanced Pipeline Potential
JP Morgan, a renowned investment bank, has upgraded C4 Therapeutics (NASDAQ: CCCC) to neutral. This reevaluation comes on the heels of the company’s improved pipeline outlook, specifically citing data released in December from a Phase 1 study for CFT7455. The investment bank took a “deeper look” and expressed increased comfort with the case for differentiation from key IMiD/CELMoD competitors, especially mezigdomide.
Deeper Understanding Leads to Positive Outlook
If C4 Therapeutics can consistently exhibit its differentiation over mezigdomide via additional data readouts, JP Morgan envisions the drug as a strategically attractive complement to existing multiple myeloma franchises. The bank’s upgrade is grounded in a cautiously optimistic CFT7455 outlook, further bolstered by initial promising data for CFT1946 in BRAFi resistant tumors, providing additional pipeline optionality.
Firm Sets Price Target
JP Morgan has set a price target of $6 for the stock, reflecting its evaluation of C4 Therapeutics’ potential in the market.
