Bank of America Corp DE Purchases 278,944 Shares of Candel Therapeutics, Inc. $CADL

Key Points

• Bank of America purchased 278,944 Candel Therapeutics shares worth approximately $2.87 million, giving it about a 0.36% stake. BlackRock also established a significant position valued at roughly $51.2 million.
• Analyst sentiment is broadly positive: nine analysts rate CADL a Buy, with an average price target of $20.14 versus a recent price of $10.88. Bank of America upgraded the stock to Buy and raised its target to $18.
• Candel reported a quarterly loss of $0.52 per share, missing the consensus estimate of a $0.24 loss. The clinical-stage biotechnology company is developing cancer immunotherapies, including its CAN-2409 program.

Bank of America Corp DE purchased a new position in Candel Therapeutics, Inc. (NASDAQ:CADL - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 278,944 shares of the company's stock, valued at approximately $2,873,000. Bank of America Corp DE owned approximately 0.36% of Candel Therapeutics at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Legal & General Group Plc purchased a new position in shares of Candel Therapeutics during the 2nd quarter worth about $63,000. The Manufacturers Life Insurance Company bought a new stake in Candel Therapeutics in the second quarter worth about $175,000. BlackRock Inc. purchased a new position in shares of Candel Therapeutics during the second quarter valued at approximately $51,181,000. Deutsche Bank AG purchased a new position in shares of Candel Therapeutics during the second quarter valued at approximately $648,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Candel Therapeutics during the second quarter valued at approximately $301,000. Institutional investors own 13.93% of the company's stock.

Insider Buying and Selling

In related news, CTO Seshu Tyagarajan sold 7,000 shares of Candel Therapeutics stock in a transaction that occurred on 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 transaction, the chief technology officer directly owned 76,865 shares in the company, valued at approximately $922,380. This trade represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on CADL. UBS Group reaffirmed a "buy" rating on shares of Candel Therapeutics in a research report on Monday, August 17th. Stifel Nicolaus started coverage on shares of Candel Therapeutics in a report on Monday, July 13th. They set a "buy" rating and a $22.00 price objective for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Candel Therapeutics in a research note on Friday, July 17th. Bank of America raised shares of Candel Therapeutics from a "neutral" rating to a "buy" rating and raised their target price for the stock from $12.00 to $18.00 in a research report on Monday, September 21st. Finally, HC Wainwright reaffirmed a "buy" rating and set a $23.00 price target on shares of Candel Therapeutics in a research note on Thursday, August 13th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company 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 $10.88 on Wednesday. Candel Therapeutics, Inc. has a fifty-two week low of $4.35 and a fifty-two week high of $14.00. The company has a market cap of $832.54 million, a PE ratio of -7.72 and a beta of -0.48. The company has a debt-to-equity ratio of 0.38, a quick ratio of 16.09 and a current ratio of 16.09. The business has a 50-day simple moving average of $11.48 and a two-hundred day simple moving average of $8.91.

Candel Therapeutics (NASDAQ:CADL - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.52) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.28). As a group, equities analysts expect that Candel Therapeutics, Inc. will post -1.29 EPS for the current fiscal year.

Candel Therapeutics Company Profile

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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