Canaccord Genuity Group Has Lowered Expectations for Candel Therapeutics (NASDAQ:CADL) Stock Price

Candel Therapeutics (NASDAQ:CADL) had its price target decreased by investment analysts at Canaccord Genuity Group from $25.00 to $13.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group‘s target price would indicate a potential upside of 54.95% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the company. UBS Group restated a “buy” rating on shares of Candel Therapeutics in a research note on Monday, August 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Candel Therapeutics in a research report on Thursday, October 15th. Bank of America raised shares of Candel Therapeutics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $12.00 to $18.00 in a research report on Monday, September 21st. Wall Street Zen cut shares of Candel Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, August 16th. Finally, Jefferies Financial Group began coverage on shares of Candel Therapeutics in a report on Thursday, October 22nd. They set a “buy” rating and a $25.00 target price for the company. Nine research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Candel Therapeutics has an average rating of “Moderate Buy” and an average target price of $19.29.

Candel Therapeutics Trading Down 9.0%

Shares of NASDAQ:CADL opened at $8.39 on Friday. Candel Therapeutics has a 52-week low of $4.35 and a 52-week high of $14.00. The company has a market capitalization of $642.00 million, a P/E ratio of -5.95 and a beta of -0.27. The company has a 50-day simple moving average of $9.89 and a 200 day simple moving average of $8.39. The company has a debt-to-equity ratio of 0.38, a quick ratio of 16.09 and a current ratio of 16.09.

Candel Therapeutics (NASDAQ:CADL) last announced its quarterly earnings results on Friday, November 13th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. Sell-side analysts forecast that Candel Therapeutics will post -1.29 earnings per share for the current year.

Insider Activity

In other news, CTO Seshu Tyagarajan sold 7,000 shares of the business’s stock in a transaction dated 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 sale, the chief technology officer owned 76,865 shares of the company’s stock, valued at approximately $922,380. The trade was a 8.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC bought a new stake in Candel Therapeutics during the 1st quarter worth $845,000. BlackRock Inc. acquired a new position in Candel Therapeutics in the 2nd quarter worth about $51,181,000. Wellington Management Group LLP bought a new position in Candel Therapeutics in the second quarter valued at about $2,119,000. Bank of New York Mellon Corp bought a new position in Candel Therapeutics in the second quarter valued at about $1,975,000. Finally, Squarepoint Ops LLC bought a new position in Candel Therapeutics in the second quarter valued at about $775,000. Institutional investors and hedge funds own 13.93% of the company’s stock.

About Candel Therapeutics

Candel Therapeutics is a clinical-stage biotechnology company developing viral immunotherapies designed to stimulate the immune system to fight cancer. Its approach uses engineered viruses to trigger immune responses against tumors. The company’s clinical-stage programs include CAN-2409, an adenovirus-based therapy being studied in several solid tumors, and CAN-3110, an oncolytic herpes simplex virus therapy being investigated for recurrent glioblastoma. Based in Needham, Massachusetts, Candel conducts clinical development of its therapies for cancer indications.