Candel Therapeutics (NASDAQ:CADL) Sets New 12-Month High – Here’s What Happened

Candel Therapeutics, Inc. (NASDAQ:CADL) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $7.99 and last traded at $7.7150, with a volume of 906089 shares changing hands. The stock had previously closed at $7.53.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CADL. Cantor Fitzgerald began coverage on Candel Therapeutics in a research report on Monday, April 20th. They issued an “overweight” rating on the stock. Zacks Research downgraded Candel Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Candel Therapeutics in a research report on Monday, April 20th. Citigroup cut their target price on Candel Therapeutics from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Friday, March 13th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $25.00 target price on shares of Candel Therapeutics in a research report on Friday, March 13th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.00.

Candel Therapeutics Price Performance

The firm has a 50-day simple moving average of $5.31 and a two-hundred day simple moving average of $5.44. The company has a market capitalization of $559.42 million, a price-to-earnings ratio of -10.75 and a beta of -0.59. The company has a current ratio of 13.49, a quick ratio of 13.49 and a debt-to-equity ratio of 0.91.

Candel Therapeutics (NASDAQ:CADL) last announced its quarterly earnings results on Thursday, March 12th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.30). As a group, analysts predict that Candel Therapeutics, Inc. will post -0.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Paul B. Manning purchased 550,458 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were bought at an average cost of $5.45 per share, with a total value of $2,999,996.10. Following the transaction, the director owned 2,763,527 shares of the company’s stock, valued at approximately $15,061,222.15. This trade represents a 24.87% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 16.60% of the company’s stock.

Institutional Investors Weigh In On Candel Therapeutics

Several hedge funds have recently modified their holdings of CADL. BNP Paribas Financial Markets boosted its stake in shares of Candel Therapeutics by 128.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,901 shares of the company’s stock worth $40,000 after acquiring an additional 4,439 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Candel Therapeutics by 361.7% in the 2nd 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 in the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in Candel Therapeutics in the 4th quarter valued at about $51,000. Invesco Ltd. purchased a new position in Candel Therapeutics in the 1st quarter valued at about $59,000. Finally, ProShare Advisors LLC purchased a new position in Candel Therapeutics in the 4th quarter worth approximately $59,000. 13.93% of the stock is owned by hedge funds and other institutional investors.

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.