Candel Therapeutics (NASDAQ:CADL) Upgraded 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 sent to investors on Monday, MarketBeat reports. They currently have $18.00 price objective on the stock, up from their prior price objective of $12.00.

Several other brokerages have also commented on CADL. Stifel Nicolaus initiated coverage on Candel Therapeutics in a research note on Monday, July 13th. They issued a “buy” rating and a $22.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Candel Therapeutics in a report on Friday, July 17th. HC Wainwright restated a “buy” rating and issued a $23.00 target price on shares of Candel Therapeutics in a research note on Thursday, August 13th. UBS Group restated a “buy” rating on shares of Candel Therapeutics in a research note on Monday, August 17th. Finally, Wall Street Zen lowered shares of Candel Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, August 16th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.14.

Candel Therapeutics Stock Performance

NASDAQ:CADL opened at $11.29 on Monday. Candel Therapeutics has a 12-month low of $4.35 and a 12-month high of $14.00. The company has a quick ratio of 16.09, a current ratio of 16.09 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $863.91 million, a PE ratio of -8.01 and a beta of -0.48. The firm has a 50-day moving average price of $11.38 and a 200 day moving average price of $8.74.

Candel Therapeutics (NASDAQ:CADL) last released 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 will post -1.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Candel Therapeutics

In other news, CTO Seshu Tyagarajan sold 7,000 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $12.00, for a total value of $84,000.00. Following the completion of the transaction, the chief technology officer owned 76,865 shares of the company’s stock, valued at $922,380. The trade was a 8.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Francesca Barone sold 23,447 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $10.06, for a total value of $235,876.82. Following the completion of the sale, the insider owned 77,362 shares of the company’s stock, valued at $778,261.72. This trade represents a 23.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 37,447 shares of company stock worth $390,017 over the last 90 days. 14.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CADL. BlackRock Inc. bought a new stake in Candel Therapeutics during the second quarter worth $51,181,000. Halter Ferguson Financial Inc. grew its position in shares of Candel Therapeutics by 20.9% in the 1st quarter. Halter Ferguson Financial Inc. now owns 904,051 shares of the company’s stock valued at $4,430,000 after acquiring an additional 155,996 shares during the period. Bank of America Corp DE acquired a new position in shares of Candel Therapeutics during the 2nd quarter worth about $2,873,000. Wellington Management Group LLP acquired a new position in shares of Candel Therapeutics during the 2nd quarter worth about $2,119,000. Finally, Bank of New York Mellon Corp bought a new stake in Candel Therapeutics in the second quarter valued at approximately $1,975,000. 13.93% of the stock is owned by institutional investors and hedge funds.

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.