Candel Therapeutics (NASDAQ:CADL) Reaches New 52-Week High - Here's What Happened

Key Points

• Candel Therapeutics shares reached a new 52-week high of $13.95, trading up 5.8% with more than 1.3 million shares changing hands.
• Analyst sentiment is generally positive: the stock has a consensus “Moderate Buy” rating from MarketBeat, with an average price target of $19.29, although ratings range from “Buy” to “Sell.”
• The company reported a wider-than-expected quarterly loss of $0.52 per share versus the $0.24 consensus estimate, while insiders sold 37,447 shares worth approximately $390,017 over the past three months.

Candel Therapeutics, Inc. (NASDAQ:CADL - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $13.95 and last traded at $13.60, with a volume of 1342527 shares changing hands. The stock had previously closed at $12.86.

Wall Street Analyst Weigh In

Several brokerages recently commented on CADL. Zacks Research raised shares of Candel Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Friday, May 15th. Stifel Nicolaus began coverage on shares of Candel Therapeutics in a research note on Monday, July 13th. They set a "buy" rating and a $22.00 target price on the stock. Bank of America upped their price target on shares of Candel Therapeutics from $9.00 to $12.00 and gave the stock a "neutral" rating in a report on Friday, August 14th. Wall Street Zen cut Candel Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, August 16th. Finally, HC Wainwright reiterated a "buy" rating and issued a $23.00 price target on shares of Candel Therapeutics in a research note on Thursday, August 13th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $19.29.

Candel Therapeutics Trading Up 5.8%

The company has a debt-to-equity ratio of 0.38, a current ratio of 16.09 and a quick ratio of 16.09. The company has a market cap of $1.04 billion, a price-to-earnings ratio of -9.65 and a beta of -0.51. The business's fifty day moving average price is $10.30 and its 200 day moving average price is $7.75.

Candel Therapeutics (NASDAQ:CADL - Get Free Report) last posted 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). Research analysts anticipate that Candel Therapeutics, Inc. will post -1.29 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Francesca Barone sold 23,447 shares of the firm's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $10.06, for a total transaction of $235,876.82. Following the completion of the transaction, the insider directly owned 77,362 shares in the company, valued at $778,261.72. This trade represents a 23.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Seshu Tyagarajan sold 7,000 shares of the firm's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $12.00, for a total value of $84,000.00. Following the transaction, the chief technology officer owned 76,865 shares of the company's stock, valued at $922,380. This trade represents a 8.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 37,447 shares of company stock valued at $390,017. Insiders own 14.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc bought a new stake in shares of Candel Therapeutics in the 2nd quarter valued at $63,000. California State Teachers Retirement System raised its stake in Candel Therapeutics by 177.0% during the second quarter. California State Teachers Retirement System now owns 6,571 shares of the company's stock worth $638,000 after buying an additional 4,199 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in Candel Therapeutics by 128.2% in the third quarter. BNP Paribas Financial Markets now owns 7,901 shares of the company's stock valued at $40,000 after buying an additional 4,439 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Candel Therapeutics by 361.7% in the second quarter. Tower Research Capital LLC TRC now owns 9,608 shares of the company's stock valued at $49,000 after buying an additional 7,527 shares during the period. Finally, Invesco Ltd. bought a new stake in Candel Therapeutics during the first quarter valued at $59,000. Institutional investors and hedge funds own 13.93% of the company's stock.

Candel Therapeutics Company Profile

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.

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