Candel Therapeutics (NASDAQ:CADL) Trading 6.4% Higher Following Analyst Upgrade

Key Points

• Candel Therapeutics shares rose 6.4% to approximately $12.47 after Bank of America increased its price target from $9 to $12, while maintaining a neutral rating. Trading volume was about 10% above average.
• Analyst sentiment is broadly positive, with seven Buy, two Hold, and one Sell rating; the stock carries a “Moderate Buy” consensus and an average price target of $19.29.
• Recent results were weaker than expected: Candel reported a quarterly loss of $0.52 per share versus the $0.24 consensus estimate. Meanwhile, institutional ownership is 13.93%, including new positions from BlackRock and Bank of America.

Candel Therapeutics, Inc. (NASDAQ:CADL - Get Free Report)'s share price traded 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. 1,690,883 shares were traded 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.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Candel Therapeutics in a research note on Friday, July 17th. Wall Street Zen raised Candel Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Cantor Fitzgerald assumed coverage on shares of Candel Therapeutics in a research report on Monday, April 20th. They issued an "overweight" rating on the stock. HC Wainwright restated a "buy" rating and issued a $23.00 price objective on shares of Candel Therapeutics in a research note on Thursday. Finally, Zacks Research raised shares of Candel Therapeutics from a "strong sell" rating to a "hold" rating in a report on Friday, May 15th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Candel Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $19.29.

Insiders Place Their Bets

In other Candel Therapeutics news, CTO Seshu Tyagarajan sold 7,000 shares of Candel Therapeutics stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $10.02, for a total transaction of $70,140.00. Following the completion of the sale, the chief technology officer directly owned 83,865 shares of the company's stock, valued at $840,327.30. The trade was a 7.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Francesca Barone sold 23,447 shares of the business's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $10.06, for a total transaction of $235,876.82. Following the sale, the insider owned 77,362 shares of the company's stock, valued at $778,261.72. This represents a 23.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 14.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Candel Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of Candel Therapeutics during the 2nd quarter worth $51,181,000. Bank of America Corp DE acquired a new position in shares of Candel Therapeutics in the second quarter valued at approximately $2,873,000. Vanguard Group Inc. boosted its position in Candel Therapeutics by 12.3% during the third quarter. Vanguard Group Inc. now owns 2,007,112 shares of the company's stock worth $10,236,000 after acquiring an additional 219,563 shares during the last quarter. Geode Capital Management LLC grew its stake in Candel Therapeutics by 31.5% in the 2nd quarter. Geode Capital Management LLC now owns 903,970 shares of the company's stock worth $4,575,000 after acquiring an additional 216,509 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in Candel Therapeutics in the 2nd quarter valued at $1,975,000. Institutional investors and hedge funds own 13.93% of the company's stock.

Candel Therapeutics Stock Up 6.4%

The firm has a market cap of $954.20 million, a price-to-earnings ratio of -8.84 and a beta of -0.51. The company has a quick ratio of 16.09, a current ratio of 16.09 and a debt-to-equity ratio of 0.38. The firm has a fifty day moving average price of $9.68 and a 200-day moving average price of $7.41.

Candel Therapeutics (NASDAQ:CADL - Get Free Report) last released 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). As a group, sell-side analysts forecast that Candel Therapeutics, Inc. will post -1.03 EPS for the current year.

About Candel Therapeutics

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source