Barclays initiated coverage of C4 Therapeutics (CCCC) with an Overweight rating and $8 price target The company’s lead asset, cemsidomide is an IKZF1/3 degrader being developed in patients with multiple myeloma, MM, and selected non-Hodgkin lymphomas, and the early phase 1 dose escalation data for cemsidomide has been encouraging as the company has recently shifted its development focus to the program, the analyst tells investors in a research note. C4 will present updated cemsidomide MM data September 17-20 as well as dose escalation data in NHL in Q4, and Barclays views cemsidomide as potentially best-in-class IKZF1/3 degrader in a category where Revlimid, a first-generation IKZF1/3 degrader, delivered peak sales of $12.9B.
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