Candel Therapeutics (NASDAQ:CADL) Rating Increased to Buy at Bank of America

Key Points

• Bank of America upgraded Candel Therapeutics to “Buy” from “Neutral” and raised its price target to $18 from $12, implying approximately 66% potential upside.
• Analyst sentiment is generally positive, with nine Buy ratings, one Hold, and one Sell; the consensus rating is “Moderate Buy” with an average price target of $20.14.
• Candel reported quarterly EPS of $(0.52), missing the $(0.24) consensus estimate, while shares were trading at $10.84 and insiders had sold 37,447 shares worth about $390,000 over the prior 90 days.

Candel Therapeutics (NASDAQ:CADL - Get Free Report) was upgraded by equities research analysts at Bank of America from a "neutral" rating to a "buy" rating in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a $18.00 price objective on the stock, up from their prior price objective of $12.00. Bank of America's target price points to a potential upside of 66.13% from the company's current price.

CADL has been the subject of several other research reports. UBS Group reissued a "buy" rating on shares of Candel Therapeutics in a research note on Monday, August 17th. Wall Street Zen cut shares of Candel Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, August 16th. Weiss Ratings reissued a "sell (d-)" rating on shares of Candel Therapeutics in a research report on Friday, July 17th. HC Wainwright restated a "buy" rating and set a $23.00 price target on shares of Candel Therapeutics in a research note on Thursday, August 13th. Finally, Stifel Nicolaus began coverage on shares of Candel Therapeutics in a report on Monday, July 13th. They set a "buy" rating and a $22.00 price target on the stock. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $20.14.

Candel Therapeutics Stock Performance

Shares of Candel Therapeutics stock opened at $10.84 on Monday. The stock has a market cap of $829.09 million, a PE ratio of -7.68 and a beta of -0.48. The business has a fifty day simple moving average of $11.27 and a 200-day simple moving average of $8.60. The company has a quick ratio of 16.09, a current ratio of 16.09 and a debt-to-equity ratio of 0.38. Candel Therapeutics has a 12 month low of $4.35 and a 12 month high of $14.00.

Candel Therapeutics (NASDAQ:CADL - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($0.52) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.28). On average, sell-side analysts anticipate that Candel Therapeutics will post -1.29 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Seshu Tyagarajan sold 7,000 shares of the business's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $12.00, for a total value of $84,000.00. Following the completion of the sale, the chief technology officer directly owned 76,865 shares in the company, valued at approximately $922,380. The trade was a 8.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Francesca Barone sold 23,447 shares of the firm's stock in a transaction 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 in the company, valued at $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 have sold 37,447 shares of company stock valued at $390,017 in the last ninety days. Company insiders own 14.30% of the company's stock.

Institutional Investors Weigh In On Candel Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. WINTON GROUP Ltd bought a new stake in Candel Therapeutics during the 2nd quarter valued at approximately $384,000. Squarepoint Ops LLC bought a new position in Candel Therapeutics in the 2nd quarter worth approximately $775,000. AXQ Capital LP lifted its holdings in shares of Candel Therapeutics by 50.8% during the second quarter. AXQ Capital LP now owns 31,460 shares of the company's stock worth $324,000 after buying an additional 10,596 shares during the last quarter. Cookson Peirce & Co. Inc. acquired a new position in shares of Candel Therapeutics during the second quarter worth approximately $618,000. Finally, Wellington Management Group LLP bought a new stake in shares of Candel Therapeutics in the second quarter valued at approximately $2,119,000. 13.93% of the stock is owned by institutional investors and hedge funds.

About Candel Therapeutics

Candel Therapeutics, Inc is a clinical-stage biotechnology company developing multimodal biological immunotherapies designed to stimulate the immune system to recognize and attack cancer. The company focuses on engineered viruses administered directly into tumors, with the goal of creating a localized immune response that may also affect cancer cells elsewhere in the body.

Candel's pipeline includes CAN-2409, an investigational, replication-defective adenovirus-based immunotherapy being studied in cancers including localized prostate cancer and non-small cell lung cancer.

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