C4 Therapeutics Stock Soars on Positive Early Cancer Trial Results

C4 Therapeutics shares experienced a significant increase of 29% in pre-market trading. This rally followed the company's announcement of encouraging data from two early-stage trials of its leading cancer drug, cemsidomide.

The first trial focused on the use of cemsidomide in combination with dexamethasone in patients with relapsed or refractory multiple myeloma (RRMM). Results showed an overall response rate (ORR) of 36% at the highest dose, with an ORR of 26% observed across all doses.

Additionally, a separate Phase 1 trial evaluated cemsidomide as a monotherapy in patients with non-Hodgkin lymphoma. Findings from this study revealed an ORR of 38% across various doses tested.

Analysts expressed optimism regarding the trial results. A Jefferies analyst highlighted the dose-dependent response observed in the RRMM trial, suggesting that higher doses could enhance efficacy. The analyst stated a belief that cemsidomide could be best-in-class within the CelMOD category and pointed out its potential advantages in both efficacy and safety. The firm maintained a buy rating with a price target of 14₺ for C4 Therapeutics.

Echoing this positive sentiment, a Stifel analyst emphasized that the data could indicate cemsidomide's potential for having the best therapeutic index in its class. The analyst reiterated a buy rating for the company's stock, highlighting the drug's suitability for multi-drug combination therapies in myeloma.