Here’s Why Meridian Small Cap Growth Fund Trimmed C4 Therapeutics (CCCC)
Meridian Funds, managed by ArrowMark Partners, released its “Meridian Small Cap Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the final months of the year, optimism prevailed due to news of reducing inflation and the potential for lower interest rates in 2024. The fund returned 13.64% (net) in the fourth quarter compared to the Russell 2000 Growth Index’s12.75% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Meridian Small Cap Growth Fund featured stocks like C4 Therapeutics, Inc. (NASDAQ:CCCC) in the Q4 2023 investor letter. Headquartered in Watertown, Massachusetts, C4 Therapeutics, Inc. (NASDAQ:CCCC) is a clinical-stage biopharmaceutical company. On March 27, 2024, C4 Therapeutics, Inc. (NASDAQ:CCCC) stock closed at $8.05 per share. One-month return of C4 Therapeutics, Inc. (NASDAQ:CCCC) was -26.48%, and its shares gained 136.76% of their value over the last 52 weeks. C4 Therapeutics, Inc. (NASDAQ:CCCC) has a market capitalization of $552.236 million.
Meridian Small Cap Growth Fund stated the following regarding C4 Therapeutics, Inc. (NASDAQ:CCCC) in its fourth quarter 2023 investor letter:
"C4 Therapeutics, Inc. (NASDAQ:CCCC) is a biotechnology firm that specializes in protein degradation therapies to eliminate disease-causing proteins in cancers and other illnesses. The company has three treatments in early-stage clinical trials that target a number of cancers, including multiple myeloma, non-Hodgkin’s lymphoma, synovial sarcoma, and other cancer types. The company’s stock appreciated during the quarter on two positive developments. First, the company announced a formal agreement with Merck to co-develop degrader-antibody conjugates (DACs). The deal provided an upfront cash infusion and the potential for milestone payments that, if achieved, may be valued at more than $2B. Second, the company received a positive clinical readout on one of its leading compounds (CFT7455) in Phase 1 trials. While still early, the trial results provided an encouraging signal that the company’s novel approach to treating cancer has a legitimate therapeutic window with good efficacy. The results also allayed prior safety concerns, which previously held the stock back. As the stock appreciated during the quarter, we trimmed our position based on our valuation discipline."
A patient receiving medical treatment for cancer with an experimental biopharmaceutical product.
C4 Therapeutics, Inc. (NASDAQ:CCCC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, C4 Therapeutics, Inc. (NASDAQ:CCCC) was held by 21 hedge fund portfolios, compared to 14 in the previous quarter, according to our database.
We discussed C4 Therapeutics, Inc. (NASDAQ:CCCC) in another article and shared the list of hot healthcare stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
