C4 Therapeutics upgraded to Overweight from Equal Weight at Stephens

Stephens analyst Sudan Loganathan upgraded C4 Therapeutics (CCCC) to Overweight from Equal Weight with a price target of $6, up from $3. Recent company progress and shifts in the multiple myeloma treatment landscape have prompted the downgrade, says the analyst, who noted that key partners have remained engaged, highlighted by Biogen (BIIB) advancing BIIB142 into the clinic. The firm has increased confidence in the company as it sharpens focus on cemsidomide, an asset the firm has been “bullish on,” the analyst tells investors.