10 Best Biotech Penny Stocks to Buy According to Analysts

5. C4 Therapeutics Inc. (NASDAQ:CCCC)

Share Price as of December 26: $2.12

Number of Hedge Fund Holders: 21

Average Upside Potential as of December 26: 230.19%

C4 Therapeutics Inc. (NASDAQ:CCCC) is one of the best biotech penny stocks to buy according to analysts. On December 17, Barclays lowered the firm’s price target on C4 Therapeutics to $5 from $10, while maintaining an Overweight rating on the shares. The firm updated its biotechnology price targets as part of its 2026 sector outlook.

On December 2, TD Cowen initiated coverage of C4 Therapeutics with a Buy rating but set no price target on the company’s shares. The firm highlighted that the company distinguishes itself as one of the few biotech firms to achieve clinical validation for both molecular glues and heterobifunctional degraders. TD Cowen specifically identifies cemsigwat/Cemsi as having the potential to evolve into a backbone therapy for the treatment of multiple myeloma.

In Q3 2025, the company’s lead candidate, cemsidomide, showed a potential best-in-class profile in Phase 1 data for multiple myeloma. At the highest dose level of 100 µg, the therapy achieved a 53% overall response rate. The results indicated a differentiated safety and tolerability profile even in a heavily pre-treated patient population. To expand the drug’s reach, C4T entered a clinical trial collaboration and supply agreement with Pfizer to evaluate cemsidomide in combination with elranatamab.

Looking ahead to 2026, C4T is on track to initiate the next phase of development for cemsidomide. C4 Therapeutics Inc. (NASDAQ:CCCC) plans to launch the Phase 2 MOMENTUM trial in combination with dexamethasone in Q1 2026, which holds potential for accelerated approval. Following this, a Phase 1b trial in combination with Pfizer’s elranatamab is scheduled to begin in Q2 2026. These trials aim to solidify cemsidomide’s position in the relapsed/refractory multiple myeloma treatment landscape. Beyond oncology, C4T is leveraging its TORPEDO platform to progress a discovery pipeline targeting non-oncology indications.

C4 Therapeutics Inc. (NASDAQ:CCCC) is a clinical-stage biopharmaceutical company that develops novel therapeutic candidates to degrade disease-causing proteins.