Candel Therapeutics (NASDAQ:CADL) Shares Up 8.6% – Here’s What Happened

Candel Therapeutics, Inc. (NASDAQ:CADL)’s share price traded up 8.6% during mid-day trading on Monday . The company traded as high as $9.07 and last traded at $9.0210. Approximately 745,019 shares were traded during trading, a decline of 52% from the average session volume of 1,550,234 shares. The stock had previously closed at $8.31.

Analyst Upgrades and Downgrades

CADL has been the topic of a number of analyst reports. Wall Street Zen raised Candel Therapeutics from a “sell” rating to a “hold” rating in a report on Monday, June 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Candel Therapeutics in a research note on Monday, April 20th. Citigroup reduced their price target on Candel Therapeutics from $24.00 to $22.00 and set a “buy” rating for the company in a report on Friday, March 13th. Zacks Research upgraded Candel Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Friday, May 15th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $25.00 price objective on shares of Candel Therapeutics in a report on Friday, March 13th. Six 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. According to data from MarketBeat.com, Candel Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $18.00.

Candel Therapeutics Stock Up 10.5%

The firm has a 50 day moving average of $7.57 and a two-hundred day moving average of $6.22. The stock has a market capitalization of $672.62 million, a PE ratio of -9.38 and a beta of -0.49. The company has a current ratio of 28.05, a quick ratio of 28.05 and a debt-to-equity ratio of 0.34.

Candel Therapeutics (NASDAQ:CADL) last posted its earnings results on Thursday, May 14th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.16. Equities research analysts anticipate that Candel Therapeutics, Inc. will post -0.97 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Moneta Group Investment Advisors LLC lifted its stake in Candel Therapeutics by 4.9% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 42,517 shares of the company’s stock valued at $240,000 after buying an additional 2,000 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Candel Therapeutics by 29.0% during the fourth quarter. Invesco Ltd. now owns 15,039 shares of the company’s stock worth $85,000 after buying an additional 3,380 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Candel Therapeutics by 12.6% in the first quarter. Janney Montgomery Scott LLC now owns 30,472 shares of the company’s stock valued at $149,000 after buying an additional 3,400 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of Candel Therapeutics by 25.5% in the fourth quarter. MetLife Investment Management LLC now owns 19,443 shares of the company’s stock valued at $110,000 after buying an additional 3,955 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of Candel Therapeutics by 128.2% during 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. 13.93% of the stock is currently owned by institutional investors and hedge funds.

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.