Candel Therapeutics (NASDAQ:CADL) Shares Up 6.4% on Analyst Upgrade

Candel Therapeutics, Inc. (NASDAQ:CADL)’s share price was up 6.4% on Monday after Bank of America raised their price target on the stock from $9.00 to $12.00. Bank of America currently has a neutral rating on the stock. Candel Therapeutics traded as high as $12.49 and last traded at $12.47. Approximately 1,690,883 shares changed hands during mid-day trading, an increase of 10% from the average session volume of 1,532,967 shares. The stock had previously closed at $11.72.

A number of other analysts have also recently issued reports on CADL. Wall Street Zen upgraded Candel Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Stifel Nicolaus assumed coverage on Candel Therapeutics in a report on Monday, July 13th. They issued a “buy” rating and a $22.00 price target for the company. Zacks Research upgraded Candel Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Friday, May 15th. HC Wainwright reiterated a “buy” rating and issued a $23.00 target price on shares of Candel Therapeutics in a research note on Thursday. Finally, Cantor Fitzgerald started coverage on Candel Therapeutics in a research report on Monday, April 20th. They set an “overweight” rating on the stock. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.29.

Insider Activity

In related news, CTO Seshu Tyagarajan sold 7,000 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $10.02, for a total value of $70,140.00. Following the completion of the transaction, the chief technology officer 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 document filed with the SEC, which is accessible through this link. Also, insider Francesca Barone sold 23,447 shares of the company’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 value of $235,876.82. Following the completion of the transaction, the insider directly owned 77,362 shares in the company, valued at approximately $778,261.72. The trade was a 23.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 14.30% of the company’s stock.

Institutional Investors Weigh In On Candel Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC acquired a new position in Candel Therapeutics in the first quarter worth about $845,000. Halter Ferguson Financial Inc. raised its stake in Candel Therapeutics by 20.9% during the first quarter. Halter Ferguson Financial Inc. now owns 904,051 shares of the company’s stock valued at $4,430,000 after buying an additional 155,996 shares in the last quarter. Walleye Capital LLC bought a new position in Candel Therapeutics during the 2nd quarter worth approximately $419,000. Renaissance Technologies LLC acquired a new position in shares of Candel Therapeutics in the 1st quarter worth approximately $63,000. Finally, AlphaCentric Advisors LLC acquired a new position in shares of Candel Therapeutics in the 1st quarter worth approximately $178,000. Institutional investors own 13.93% of the company’s stock.

Candel Therapeutics Stock Up 6.4%

The company has a debt-to-equity ratio of 0.38, a quick ratio of 16.09 and a current ratio of 16.09. The stock has a fifty day moving average price of $9.68 and a two-hundred day moving average price of $7.41. The firm has a market capitalization of $954.20 million, a P/E ratio of -8.84 and a beta of -0.51.

Candel Therapeutics (NASDAQ:CADL) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.28). Research analysts forecast that Candel Therapeutics, Inc. will post -1.03 EPS for the current year.

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.