Brookline Capital Markets raised its price target on C4 Therapeutics (NASDAQ: CCCC) to $30 from $20 and maintained a Buy rating on the shares. The firm’s new target implies a material upside relative to the current share price of $2.23 and sits alongside an analyst consensus characterized as a Strong Buy.
Clinical timing and trial conviction
Brookline cited two clinical-timing developments as central to its decision: the expected initiation of the Phase II MOMENTUM trial of cemsidomide/CFT7455 and increased conviction that a Phase 1b study combining cemsidomide with Pfizer’s elranatamab will commence in the second quarter. The MOMENTUM study follows favorable Phase I data for CFT7455 that were presented at the IMS meeting in September 2025.
The firm also called out the planned Phase 1b start in the second quarter of 2026, which will evaluate the safety and tolerability of cemsidomide and dexamethasone combined with Pfizer’s elranatamab under a clinical trial collaboration and supply agreement. Brookline treats the clearer trial sequencing and timelines as evidence of reduced development risk for the program, a central rationale for the price target increase.
Key clinical readouts and recent operational milestones
Data disclosed at the IMS meeting showed a 50% Overall Response Rate at the highest tested dose level of 100 micrograms in heavily pre-treated multiple myeloma patients, a result the firm viewed as supportive of further development. In operational terms, C4 Therapeutics has dosed the first patient in the Phase 2 MOMENTUM trial, an open-label, single-arm study designed to assess the cemsidomide plus dexamethasone combination in relapsed/refractory multiple myeloma.
The MOMENTUM trial aims to enroll approximately 100 patients who have received at least three prior anti-myeloma regimens, and the company expects to complete enrollment by the first quarter of 2027. The Phase 2 MOMENTUM study itself is scheduled to begin in the first quarter of 2026, with the Phase 1b combination trial planned for the second quarter of 2026 as part of the company’s strategic roadmap through 2028.
Market forecasts and valuation views
Brookline’s financial model projects that CFT7455 will enter the multiple myeloma market in 2028 and reach a 24.1% market penetration by 2030, which the firm estimates would translate into U.S. sales of $16.0 billion for CFT7455 in 2030. The firm highlighted cemsidomide’s differentiated safety and tolerability profile and its potentially class-leading anti-myeloma activity as factors supporting the high sales projection.
Brookline described the price-target increase as a function of lower estimated development risk following cemsidomide’s progression into Phase II testing. Independent analysis referenced in the source material indicates the stock appears undervalued on fair value metrics, and the company has signaled that additional subscriber-oriented insights are available.
Market reaction and external coverage
Recent clinical and corporate updates have coincided with notable share movement; the stock recorded a 14% gain over the past week, and the security exhibits high historic volatility, with a reported beta of 2.95. Separately, TD Cowen has initiated coverage of C4 Therapeutics with a Buy rating, citing the company’s position in molecular glues and heterobifunctional degraders as a strategic strength.
Taken together, Brookline’s target raise, the dosing milestone in MOMENTUM, projected commercial figures for CFT7455, and fresh analyst coverage underscore C4 Therapeutics’ efforts to advance its clinical programs and expand its market standing within oncology and biotech investor circles.
Note on limitations - The analysis and projections cited above reflect the firm models and disclosed trial plans; actual clinical results, regulatory decisions, or market conditions may differ from current expectations.