JPMorgan initiates C4 Therapeutics stock coverage at Overweight

JPMorgan has initiated coverage on C4 Therapeutics (NASDAQ:CCCC) with an Overweight rating and a price target of $10.00, based on the potential of the company's lead asset, cemsidomide, in treating multiple myeloma. The target represents a significant upside from the current stock price of $2.85, and the broader analyst consensus rates the stock as a Strong Buy.

JPMorgan highlights the emerging clinical profile of cemsidomide, a cereblon-based IKZF1/IKZF3 degrader, in early phase 1 data for a highly refractory patient population. The firm projects U.S. peak sales of $500 million to $600 million by 2035 for cemsidomide's fourth-line and later treatment opportunities, with a 60% probability of success.

JPMorgan views the shares as undervalued based on this indication alone and identifies probability of success, peak sales potential, and future combination optionality as key upside factors for the stock.

Brief written by urgent.news from Investing.com's own syndicated text. Machine-written — may contain errors; check the original before relying on it.