Fighting cancer is a noble pursuit and a seriously lucrative one if it succeeds. For biotech stock C4 Therapeutics (NASDAQ:CCCC), which shot up significantly in Wednesday afternoon’s trading, it’s one step closer to having a serious treatment for lung cancer on its hands. C4 Therapeutics brought out a real winner, announcing that the FDA gave clearance for its drug, known as CFT8919. CFT8919 is currently used as therapy—though an experimental one—for non-small cell lung cancer. The FDA pronounced the drug available under the investigational new drug (IND) classification and is already planning trials for outside the Greater China area accordingly. This is actually the fourth drug that C4 Therapeutics has developed under the TORPEDO platform, which is proving to be an utter winner.
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C4 hit the ground running with CFT8919; it’s already established an exclusive licensing agreement with Betta Pharmaceuticals to distribute the drug in China. Once Betta concludes Phase 1 dosing escalation testing, C4 will expand clinical trial activities to other locations. C4 will have some help in doing so; Betta offered $10 million upfront for the licensing agreement and another $25 million in equity investment, along with a set of milestone payments and royalties.
That puts C4 Therapeutics stock in a pretty good position, especially if it can keep producing at the rate it is. With four Buy ratings, one Hold, and one Sell, C4 Therapeutics stock is considered a Moderate Buy by analyst consensus. Further, with an average price target of $14.67, C4 Therapeutics stock also comes with a staggering 343.2% upside potential.
