Candel Therapeutics (NASDAQ:CADL) Stock Price Down 12% – Here’s Why

Candel Therapeutics, Inc. (NASDAQ:CADL)’s share price was down 12% during trading on Friday . The stock traded as low as $8.11 and last traded at $7.8440. Approximately 1,237,897 shares changed hands during mid-day trading, a decline of 11% from the average daily volume of 1,395,146 shares. The stock had previously closed at $8.91.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CADL shares. Citigroup reduced their target price on Candel Therapeutics from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Friday, March 13th. Cantor Fitzgerald started coverage on Candel Therapeutics in a report on Monday, April 20th. They issued an “overweight” rating on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $25.00 target price on shares of Candel Therapeutics in a report on Friday, March 13th. Zacks Research cut Candel Therapeutics from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Candel Therapeutics in a report on Monday, April 20th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Candel Therapeutics has an average rating of “Hold” and a consensus price target of $18.00.

Candel Therapeutics Stock Down 1.5%

The company has a market capitalization of $642.94 million, a P/E ratio of -12.30 and a beta of -0.59. The company has a 50 day simple moving average of $5.83 and a two-hundred day simple moving average of $5.60. The company has a quick ratio of 13.49, a current ratio of 13.49 and a debt-to-equity ratio of 0.91.

Candel Therapeutics (NASDAQ:CADL) last released its earnings results on Thursday, May 14th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.16. As a group, equities analysts predict that Candel Therapeutics, Inc. will post -0.94 EPS for the current year.

Insider Activity

In related news, Director Paul B. Manning purchased 550,458 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were bought at an average cost of $5.45 per share, with a total value of $2,999,996.10. Following the transaction, the director owned 2,763,527 shares of the company’s stock, valued at approximately $15,061,222.15. This trade represents a 24.87% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 14.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Candel Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CADL. Vanguard Group Inc. boosted its stake in shares of Candel Therapeutics by 12.3% during the 3rd quarter. Vanguard Group Inc. now owns 2,007,112 shares of the company’s stock worth $10,236,000 after acquiring an additional 219,563 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Candel Therapeutics by 31.5% during the 2nd quarter. Geode Capital Management LLC now owns 903,970 shares of the company’s stock worth $4,575,000 after acquiring an additional 216,509 shares in the last quarter. Halter Ferguson Financial Inc. boosted its stake in shares of Candel Therapeutics by 20.9% during the 1st quarter. Halter Ferguson Financial Inc. now owns 904,051 shares of the company’s stock worth $4,430,000 after acquiring an additional 155,996 shares in the last quarter. Millennium Management LLC purchased a new stake in shares of Candel Therapeutics during the 3rd quarter worth about $697,000. Finally, State Street Corp boosted its stake in shares of Candel Therapeutics by 15.0% during the 4th quarter. State Street Corp now owns 792,218 shares of the company’s stock worth $4,476,000 after acquiring an additional 103,452 shares in the last quarter. 13.93% of the stock is owned by institutional investors and hedge funds.

Candel Therapeutics Company Profile

Candel Therapeutics (NASDAQ:CADL) is a clinical-stage immuno-oncology company focused on the development of next-generation oncolytic viral therapies designed to treat solid tumors. The company’s lead candidate, CAN-2409, is a locally administered, gene-delivered viral therapy engineered to selectively replicate in cancer cells and induce immunogenic cell death. Candel leverages proprietary virus engineering platforms to enhance tumor-specific replication and stimulate anti-tumor immune responses, aiming to improve outcomes for patients with high unmet medical needs.

In addition to its lead program, Candel’s pipeline includes CAN-3110, an oncolytic herpes simplex virus targeting recurrent high-grade glioma, and other novel viral constructs being explored for a variety of solid tumor indications.