Why C4 Therapeutics Stock Crushed the Market on Monday

Key Points

• The healthcare company is an obvious buy, at least according to one analyst tracking its fortunes.

• After all, he just modified his recommendation from the equivalent of hold to buy.

• 10 stocks we like better than C4 Therapeutics ›

C4 Therapeutics (NASDAQ: CCCC) was not only one of the better-performing healthcare stocks on Monday, it was one of the big winners on the market, period. The company seemed to have a rocket strapped to its back, as its share price blasted more than 34% higher after an analyst upgraded his recommendation. This was on a day when the S&P 500 index rose yet nowhere near as precipitously; it closed 0.5% in positive territory.

An analyst goes full bullish

That morning before the stock markets opened for business, Stephens prognosticator Sudan Loganathan made that upgrade. He's now a C4 bull, as he tagged the company as an overweight (read: buy) where previously he felt it only rated an equal weight (hold). His price target is now $6 per share, which is nearly double the current level of the shares.

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Image source: Getty Images.

According to reports, Loganathan's change in outlook is based on recent progress C4 has made within its pipeline. He also feels that the market for drugs aimed at multiple myeloma, a type of blood cancer targeted by the company's leading investigational medicine cemsidomide, has notable potential.

The analyst also pointed to C4's partnerships with its peers, specifically flagging Biogen as a source of fruitful collaboration.

Major presentation this weekend

Investor eyes will be on C4's presentation of phase 1 data at the International Myeloma Society's annual meeting, scheduled for this coming Saturday, Sept. 20. In Loganathan's opinion, encouraging results could be quite the catalyst for a bull run on the company's shares.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Biogen. The Motley Fool has a disclosure policy.