C4 Therapeutics (CCCC -0.45%) was not only one of the better-performing healthcare stocks on Monday, it was one of the big winners on the market, period. The company seemed to have a rocket strapped to its back, as its share price blasted more than 34% higher after an analyst upgraded his recommendation. This was on a day when the S&P 500 index rose yet nowhere near as precipitously; it closed 0.5% in positive territory.
An analyst goes full bullish
That morning before the stock markets opened for business, Stephens prognosticator Sudan Loganathan made that upgrade. He's now a C4 bull, as he tagged the company as an overweight (read: buy) where previously he felt it only rated an equal weight (hold). His price target is now $6 per share, which is nearly double the current level of the shares.
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According to reports, Loganathan's change in outlook is based on recent progress C4 has made within its pipeline. He also feels that the market for drugs aimed at multiple myeloma, a type of blood cancer targeted by the company's leading investigational medicine cemsidomide, has notable potential.
The analyst also pointed to C4's partnerships with its peers, specifically flagging Biogen as a source of fruitful collaboration.
Major presentation this weekend
Investor eyes will be on C4's presentation of phase 1 data at the International Myeloma Society's annual meeting, scheduled for this coming Saturday, Sept. 20. In Loganathan's opinion, encouraging results could be quite the catalyst for a bull run on the company's shares.
