Candel Therapeutics (NASDAQ:CADL) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of Candel Therapeutics (NASDAQ:CADL) from a neutral rating to a buy rating in a research report released on Monday morning, Marketbeat.com reports. Bank of America currently has $18.00 price target on the stock, up from their prior price target of $12.00.

CADL has been the subject of a number of other research reports. HC Wainwright reissued a “buy” rating and issued a $23.00 price objective on shares of Candel Therapeutics in a report on Thursday, August 13th. UBS Group reaffirmed a “buy” rating on shares of Candel Therapeutics in a report on Monday, August 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Candel Therapeutics in a research report on Friday, July 17th. Stifel Nicolaus started coverage on Candel Therapeutics in a research note on Monday, July 13th. They issued a “buy” rating and a $22.00 price target for the company. Finally, Wall Street Zen downgraded Candel Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, August 16th. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Candel Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $20.14.

Candel Therapeutics Stock Performance

Shares of NASDAQ CADL opened at $11.21 on Monday. The company has a current ratio of 16.09, a quick ratio of 16.09 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $857.79 million, a P/E ratio of -7.95 and a beta of -0.48. Candel Therapeutics has a 12 month low of $4.35 and a 12 month high of $14.00. The stock has a 50 day moving average of $11.30 and a 200-day moving average of $8.65.

Candel Therapeutics (NASDAQ:CADL) last posted its quarterly earnings results 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 research analysts predict that Candel Therapeutics will post -1.29 EPS for the current year.

Insider Transactions at Candel Therapeutics

In other Candel Therapeutics news, insider Francesca Barone sold 23,447 shares of the business’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 owned 77,362 shares of the company’s stock, valued at approximately $778,261.72. The trade was a 23.26% 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 the SEC website. Also, CTO Seshu Tyagarajan sold 7,000 shares of the business’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 directly owned 76,865 shares of the company’s stock, valued at approximately $922,380. The trade was a 8.35% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 37,447 shares of company stock worth $390,017. Company insiders own 14.30% of the company’s stock.

Institutional Trading of Candel Therapeutics

A number of hedge funds have recently added to or reduced their stakes in CADL. WINTON GROUP Ltd bought a new position in shares of Candel Therapeutics in the 2nd quarter valued at $384,000. Squarepoint Ops LLC bought a new stake in Candel Therapeutics during the 2nd quarter worth $775,000. AXQ Capital LP grew its position in Candel Therapeutics by 50.8% during the 2nd quarter. AXQ Capital LP now owns 31,460 shares of the company’s stock worth $324,000 after acquiring an additional 10,596 shares during the last quarter. Cookson Peirce & Co. Inc. acquired a new position in Candel Therapeutics in the 2nd quarter worth about $618,000. Finally, Wellington Management Group LLP acquired a new position in Candel Therapeutics in the 2nd quarter worth about $2,119,000. Institutional investors and hedge funds own 13.93% of the company’s stock.

About Candel Therapeutics

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.