Acorn Capital Advisors LLC Invests $16.84 Million in Candel Therapeutics, Inc. (NASDAQ:CADL)

Acorn Capital Advisors LLC bought a new position in shares of Candel Therapeutics, Inc. (NASDAQ:CADL - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,939,644 shares of the company's stock, valued at approximately $16,836,000. Candel Therapeutics makes up 9.2% of Acorn Capital Advisors LLC's investment portfolio, making the stock its 3rd largest holding. Acorn Capital Advisors LLC owned about 5.97% of Candel Therapeutics at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its holdings in shares of Candel Therapeutics by 75.1% during the 4th quarter. Russell Investments Group Ltd. now owns 3,753 shares of the company's stock worth $33,000 after purchasing an additional 1,610 shares in the last quarter. Wells Fargo & Company MN grew its stake in Candel Therapeutics by 63.6% during the fourth quarter. Wells Fargo & Company MN now owns 10,122 shares of the company's stock worth $88,000 after buying an additional 3,935 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Candel Therapeutics by 15.2% in the 4th quarter. JPMorgan Chase & Co. now owns 10,426 shares of the company's stock valued at $90,000 after buying an additional 1,375 shares during the period. LPL Financial LLC bought a new position in Candel Therapeutics in the 4th quarter valued at about $93,000. Finally, Oxford Asset Management LLP acquired a new position in shares of Candel Therapeutics in the 4th quarter valued at approximately $104,000. Institutional investors own 13.93% of the company's stock.

Analysts Set New Price Targets

CADL has been the topic of a number of recent analyst reports. Canaccord Genuity Group lifted their price objective on shares of Candel Therapeutics from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, February 26th. HC Wainwright reiterated a "buy" rating and issued a $19.00 price target on shares of Candel Therapeutics in a research note on Friday, April 11th. Bank of America assumed coverage on Candel Therapeutics in a research report on Friday, February 7th. They set a "buy" rating and a $15.00 price objective for the company. Finally, Citigroup began coverage on Candel Therapeutics in a research report on Thursday, February 20th. They issued a "buy" rating and a $25.00 target price on the stock.

Candel Therapeutics Price Performance

NASDAQ CADL traded down $0.06 during trading hours on Wednesday, reaching $4.53. The company's stock had a trading volume of 341,625 shares, compared to its average volume of 1,461,896. The firm has a fifty day simple moving average of $6.25 and a 200-day simple moving average of $6.70. Candel Therapeutics, Inc. has a 52 week low of $3.79 and a 52 week high of $14.60. The stock has a market cap of $223.19 million, a P/E ratio of -2.62 and a beta of -0.92.

Candel Therapeutics (NASDAQ:CADL - Get Free Report) last released its quarterly earnings results on Thursday, March 13th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.17). On average, research analysts expect that Candel Therapeutics, Inc. will post -1.47 earnings per share for the current year.

Insider Buying and Selling at Candel Therapeutics

In related news, CTO Seshu Tyagarajan sold 31,278 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $8.82, for a total value of $275,871.96. Following the transaction, the chief technology officer now owns 85,512 shares in the company, valued at $754,215.84. The trade was a 26.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Charles Schoch sold 5,000 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $8.83, for a total value of $44,150.00. Following the sale, the insider now owns 38,038 shares of the company's stock, valued at approximately $335,875.54. The trade was a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 41.60% of the company's stock.

About Candel Therapeutics

Candel Therapeutics, Inc, a clinical stage biopharmaceutical company, engages in the development immunotherapies for the cancer patients. It develops CAN-2409, which is in Phase II clinical trials for the treatment of pancreatic cancer; Phase III clinical trials for the treatment of prostate cancer; and Phase II clinical trials for the treatment of lung cancer, as well as has completed Phase Ib/II clinical trials for the treatment of high-grade glioma.