Candel Therapeutics (NASDAQ:CADL) Hits New 1-Year High – Here’s Why

Candel Therapeutics, Inc. (NASDAQ:CADL)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $12.69 and last traded at $12.6940, with a volume of 167235 shares changing hands. The stock had previously closed at $12.05.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Zacks Research raised Candel Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Friday, May 15th. Bank of America lifted their price objective on Candel Therapeutics from $9.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, August 14th. Stifel Nicolaus assumed coverage on Candel Therapeutics in a research note on Monday, July 13th. They issued a “buy” rating and a $22.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $23.00 price objective on shares of Candel Therapeutics in a report on Thursday, August 13th. Finally, Wall Street Zen lowered shares of Candel Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.29.

Candel Therapeutics Price Performance

The business’s fifty day simple moving average is $9.82 and its 200-day simple moving average is $7.50. The company has a current ratio of 16.09, a quick ratio of 16.09 and a debt-to-equity ratio of 0.38. The firm has a market cap of $982.81 million, a P/E ratio of -9.10 and a beta of -0.51.

Candel Therapeutics (NASDAQ:CADL) last posted its earnings results on Thursday, August 13th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.28). As a group, analysts forecast that Candel Therapeutics, Inc. will post -1.3 EPS for the current fiscal year.

Insider Transactions at Candel Therapeutics

In other news, CTO Seshu Tyagarajan sold 7,000 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $10.02, for a total value of $70,140.00. Following the sale, the chief technology officer directly owned 83,865 shares of the company’s stock, valued at approximately $840,327.30. This represents a 7.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Francesca Barone sold 23,447 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $10.06, for a total transaction of $235,876.82. Following the completion of the transaction, the insider owned 77,362 shares of the company’s stock, valued at $778,261.72. This trade represents a 23.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 14.30% of the company’s stock.

Institutional Trading of Candel Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of CADL. BlackRock Inc. purchased a new stake in shares of Candel Therapeutics in the second quarter worth $51,181,000. Bank of America Corp DE purchased a new position in Candel Therapeutics during the second quarter worth about $2,873,000. Vanguard Group Inc. increased its stake in Candel Therapeutics by 12.3% in 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 during the last quarter. Geode Capital Management LLC increased its stake in Candel Therapeutics by 31.5% in 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 during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Candel Therapeutics in the 2nd quarter valued at about $1,975,000. 13.93% of the stock is currently owned by hedge funds and other institutional investors.

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.