Candel Therapeutics (NASDAQ:CADL) Rating Lowered to "Neutral" at Bank of America

Key Points

• Candel Therapeutics' rating has been downgraded from "buy" to "neutral" by Bank of America, which has set a price target of $7.00 on the stock.
• Other analysts have differing views, with HC Wainwright upgrading the stock to "buy" with a price target of $23.00.
• The stock opened at $5.86 and has a market cap of $321.71 million, with estimates expecting a per-share loss of ($1.47) for the current fiscal year.

Candel Therapeutics (NASDAQ:CADL - Get Free Report) was downgraded by stock analysts at Bank of America from a "buy" rating to a "neutral" rating in a note issued to investors on Wednesday,Briefing.com Automated Import reports. They presently have a $7.00 price target on the stock. Bank of America's price objective points to a potential upside of 19.45% from the stock's previous close.

Several other research analysts have also recently weighed in on the company. HC Wainwright upgraded Candel Therapeutics to a "buy" rating and set a $23.00 price target for the company in a research note on Monday, June 30th. Brookline Capital Management upgraded shares of Candel Therapeutics to a "strong-buy" rating in a research note on Wednesday, July 9th. Finally, Wall Street Zen upgraded shares of Candel Therapeutics from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, Candel Therapeutics has an average rating of "Buy" and a consensus target price of $20.00.

Candel Therapeutics Price Performance

Shares of CADL opened at $5.86 on Wednesday. The firm's 50-day simple moving average is $5.99 and its two-hundred day simple moving average is $6.17. Candel Therapeutics has a fifty-two week low of $3.79 and a fifty-two week high of $14.60. The stock has a market cap of $321.71 million, a PE ratio of -8.49 and a beta of -0.90. The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.04 and a current ratio of 7.04.

Candel Therapeutics (NASDAQ:CADL - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.09) EPS for the quarter, topping analysts' consensus estimates of ($0.17) by $0.08. Analysts anticipate that Candel Therapeutics will post -1.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets bought a new position in shares of Candel Therapeutics during the 4th quarter valued at approximately $30,000. Tower Research Capital LLC TRC raised its position in shares of Candel Therapeutics by 361.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,608 shares of the company's stock valued at $49,000 after purchasing an additional 7,527 shares during the period. Taylor Financial Group Inc. purchased a new position in shares of Candel Therapeutics during the 1st quarter valued at $56,000. Wells Fargo & Company MN boosted its holdings in Candel Therapeutics by 63.6% in the 4th 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 during the period. Finally, Private Advisor Group LLC bought a new position in Candel Therapeutics in the 1st quarter worth $58,000. Institutional investors own 13.93% of the company's stock.

Candel Therapeutics Company Profile

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.

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