BMO Capital Markets has sustained its Outperform rating and $20.00 price target for shares of C4 Therapeutics (NASDAQ: CCCC).
The firm's stance was reinforced following the publication of an abstract detailing Phase 1 dose escalation data for C4 Therapeutics' drug candidate CFT1946 at the European Society for Medical Oncology (ESMO) conference.
According to the analyst, the data revealed promising anti-tumor activity and safety profile, notably in comparison to existing BRAF inhibitor treatments, which are known for skin toxicities—a side effect not observed with CFT1946.
The abstract highlighted two unconfirmed partial responses, which the analyst found encouraging. These responses are a preliminary indication of the drug's potential efficacy.
The absence of skin toxicities, a common issue with the BRAF inhibitor class of drugs, was particularly noted as a favorable aspect of CFT1946's safety profile. The analyst's optimism is partly based on these initial findings, suggesting a competitive edge for C4 Therapeutics' drug candidate.
Further insights are expected as a more comprehensive dataset is anticipated to be released on September 13. Following the presentation of this dataset, C4 Therapeutics' management plans to conduct a webcast to discuss the findings in more detail.
The forthcoming event is likely to provide investors and analysts with a deeper understanding of the drug's efficacy and safety, which could potentially impact the company's stock performance.
C4 Therapeutics recently appointed Stephen Fawell, Ph.D., to its Board of Directors and Ron Cooper as the new chairman. These changes come as the biopharmaceutical company continues to advance its portfolio of targeted oncology programs and leverage its TORPEDO® platform to design small-molecule medicines for difficult-to-treat diseases.
BMO Capital Markets has maintained an Outperform rating for C4 Therapeutics, primarily due to the potential of its drug candidate, CFT1946. This drug, currently under evaluation in a Phase 1 study, targets the BRAF mutation present in certain cancers and could potentially surpass existing limitations of current treatments.
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