C4 Therapeutics stock surges on positive early cancer trial results

Shares of C4 Therapeutics experienced a significant surge, climbing 29% in premarket trading. This rally came after the company released encouraging data from two early-stage trials of its leading cancer drug, cemsidomide.

The first trial focused on the use of cemsidomide in combination with dexamethasone for patients suffering from relapsed or refractory multiple myeloma (RRMM), a type of blood cancer. Results showed a 36% overall response rate (ORR) at the highest dose, with a 26% ORR observed across all doses.

Additionally, a separate Phase 1 trial evaluated cemsidomide as a single-agent therapy in patients with Non-Hodgkin’s Lymphoma, a cancer affecting the lymphatic system. The findings from this study indicated a 38% ORR across the various doses tested.

Analysts have shown optimism regarding the trial outcomes. A Jefferies analyst commented on the dose-dependent response observed in the RRMM trial, suggesting that higher doses may lead to improved efficacy. The analyst expressed a belief that cemsidomide could be the best in its class within the CelMOD category, citing potential advantages in both efficacy and safety. The firm maintained a buy rating on C4 Therapeutics with a price target (PT) of $14.

Echoing this positive sentiment, a Stifel analyst highlighted the data as evidence that cemsidomide could possess a best-in-class therapeutic index. The analyst emphasized the drug's suitability for multi-drug combination treatments in myeloma, reiterating a buy rating for the company's stock.

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Source: Investing.com