10 Best Biotech Penny Stocks to Buy Now

3. C4 Therapeutics, Inc. (NASDAQ:CCCC)

Number of Hedge Fund Holders: 25 

C4 Therapeutics, Inc. (NASDAQ:CCCC) is emerging as one of the most promising biotech penny stocks to consider for investment. The company specializes in developing targeted protein degradation science to create a new generation of small-molecule medicines for treating various diseases. C4 Therapeutics has achieved several milestones recently, for example, they partnered with Merck in December 2023 to develop degrader-antibody conjugates, receiving an upfront payment of $10 million and potential milestone payments totaling up to $600 million, along with royalties on future sales. Ron Cooper was appointed as Chairman of the Board of Directors, bringing valuable strategic guidance. Additionally, their drug candidate CFT7455 has shown promising early results in treating multiple myeloma, demonstrating high activity even at low doses.

C4 Therapeutics holds a bullish outlook driven by its innovative TORPEDO platform for degrader payloads, attracting major pharmaceutical partnerships. The recent collaboration with Merck has bolstered its financial position, funding clinical advancements. The partnership also offers significant revenue potential, with potential milestone payments of up to $740 million from Merck KGaA. In Q1 2024, 25 hedge fund holders held positions in the company, up from 21 in the previous quarter. RA Capital Management held the largest position in the company with 4,878,000 shares worth $39,853,260, comprising 0.5% of the company’s total portfolio.

In Q1 2024, C4 Therapeutics, Inc. (NASDAQ:CCCC) reported a total revenue of $3.0 million which is slightly down from $3.8 million in the same period last year. The company’s cash position as of March 31, 2024, stood strong at $299.2 million, expected to fund operations into 2027. C4 Therapeutics reported a net loss of $28.4 million for Q1 2024, showing improved financial management and reduced expenses compared to the previous year. Additionally, the company received an $8 million payment from Biogen for delivering its first development candidate.