HC Wainwright Reiterates "Buy" Rating for Candel Therapeutics (NASDAQ:CADL)

Key Points

• HC Wainwright has reaffirmed a "Buy" rating for Candel Therapeutics (NASDAQ:CADL) with a target price of $23.00, indicating a potential upside of 325.14% from the current stock price.
• Candel Therapeutics shares have seen a decline of 2.3% recently, trading at $5.41, amidst varying analyst ratings and a consensus "Buy" rating.
• Institutional investors have actively increased their positions in Candel, with notable increases from MIRAE ASSET GLOBAL ETFS HOLDINGS and JPMorgan Chase & Co., indicating growing confidence in the company.

Candel Therapeutics (NASDAQ:CADL - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They currently have a $23.00 target price on the stock. HC Wainwright's price objective would indicate a potential upside of 325.14% from the stock's previous close.

CADL has been the topic of several other reports. Bank of America lowered Candel Therapeutics from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $13.00 to $7.00 in a research note on Wednesday, September 3rd. Brookline Capital Management upgraded Candel Therapeutics to a "strong-buy" rating in a research note on Wednesday, July 9th. Finally, Wall Street Zen raised Candel Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, September 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $20.00.

Candel Therapeutics Stock Down 2.3%

Shares of NASDAQ:CADL traded down $0.13 on Monday, reaching $5.41. The company had a trading volume of 457,662 shares, compared to its average volume of 999,655. Candel Therapeutics has a twelve month low of $3.79 and a twelve month high of $14.60. The stock has a 50-day moving average price of $5.77 and a 200 day moving average price of $5.65. The stock has a market capitalization of $297.01 million, a P/E ratio of -7.80 and a beta of -0.90. The company has a quick ratio of 7.04, a current ratio of 7.04 and a debt-to-equity ratio of 0.01.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Candel Therapeutics by 12.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,165 shares of the company's stock valued at $106,000 after acquiring an additional 1,340 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Candel Therapeutics by 3.0% during the 4th quarter. Nuveen Asset Management LLC now owns 68,226 shares of the company's stock valued at $592,000 after acquiring an additional 2,009 shares during the last quarter. Corebridge Financial Inc. raised its position in shares of Candel Therapeutics by 29.4% during the 1st quarter. Corebridge Financial Inc. now owns 13,933 shares of the company's stock valued at $79,000 after acquiring an additional 3,163 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Candel Therapeutics during the 4th quarter valued at $30,000. Finally, JPMorgan Chase & Co. raised its position in shares of Candel Therapeutics by 36.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 19,533 shares of the company's stock valued at $99,000 after acquiring an additional 5,270 shares during the last quarter. Institutional investors and hedge funds own 13.93% of the company's stock.

About Candel Therapeutics

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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