Candel Therapeutics (NASDAQ:CADL) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Candel Therapeutics to “strong sell” from “hold,” although the broader analyst consensus remains “Moderate Buy,” with nine Buy ratings and two Sell ratings and an average price target of $20.14.
• Candel shares opened at $8.91, below their 50-day moving average of $11.43, while the company reported a quarterly loss of $0.52 per share—$0.28 worse than analysts expected.
• The clinical-stage biopharmaceutical company is developing engineered-virus immunotherapies for cancer, including CAN-3110 for high-grade glioma and CAN-2409, but analysts expect a full-year loss of $1.29 per share.

Candel Therapeutics (NASDAQ:CADL - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Wednesday, Zacks reports.

Several other equities research analysts have also recently weighed in on the company. HC Wainwright reiterated a "buy" rating on shares of Candel Therapeutics in a report on Friday, October 2nd. UBS Group reissued a "buy" rating on shares of Candel Therapeutics in a research note on Monday, August 17th. Wall Street Zen cut Candel Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, August 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Candel Therapeutics in a report on Thursday. Finally, Bank of America upgraded shares of Candel Therapeutics from a "neutral" rating to a "buy" rating and upped their target price for the company from $12.00 to $18.00 in a research note on Monday, September 21st. Nine analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $20.14.

Candel Therapeutics Price Performance

Shares of NASDAQ:CADL opened at $8.91 on Wednesday. The stock has a market cap of $681.78 million, a PE ratio of -6.32 and a beta of -0.32. The company's fifty day moving average is $11.43 and its 200 day moving average is $9.32. 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 52 week low of $4.35 and a 52 week 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) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.28). Research analysts anticipate that Candel Therapeutics will post -1.29 earnings per share for the current year.

Insider Transactions at Candel Therapeutics

In other Candel Therapeutics news, CTO Seshu Tyagarajan sold 7,000 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $12.00, for a total transaction of $84,000.00. Following the completion of the sale, the chief technology officer directly owned 76,865 shares in the company, valued at $922,380. The trade was a 8.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 14.30% of the company's stock.

Hedge Funds Weigh In On Candel Therapeutics

Several institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC purchased a new position in shares of Candel Therapeutics in the first quarter worth approximately $63,000. Legal & General Group Plc purchased a new stake in Candel Therapeutics during the second quarter valued at approximately $63,000. Janney Montgomery Scott LLC raised its position in Candel Therapeutics by 12.6% in the first quarter. Janney Montgomery Scott LLC now owns 30,472 shares of the company's stock worth $149,000 after acquiring an additional 3,400 shares during the period. Krilogy Financial LLC raised its position in Candel Therapeutics by 25.3% in the first quarter. Krilogy Financial LLC now owns 30,065 shares of the company's stock worth $155,000 after acquiring an additional 6,065 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new position in Candel Therapeutics in the second quarter worth approximately $175,000. Institutional investors own 13.93% of the company's stock.

About Candel Therapeutics

Candel Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing biological immunotherapies designed to stimulate and strengthen the body's immune response against cancer. The company's approach uses engineered viruses intended to selectively target tumors and activate broader antitumor immunity.

Candel's pipeline includes CAN-3110, an investigational oncolytic immunotherapy being developed for high-grade glioma, including recurrent glioblastoma. The company is also developing CAN-2409, a non-replicating adenovirus-based therapy designed to work with a prodrug to trigger localized cancer-cell destruction and immune activation.

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