Candel Therapeutics (NASDAQ:CADL) Earns Buy Rating from Analysts at Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Candel Therapeutics (NASDAQ:CADL) in a research report released on Wednesday, Marketbeat reports. The brokerage issued a buy rating and a $20.00 target price on the stock.

CADL has been the topic of several other research reports. HC Wainwright reiterated a “buy” rating and set a $19.00 price objective (up previously from $11.00) on shares of Candel Therapeutics in a research note on Wednesday, December 18th. Bank of America initiated coverage on Candel Therapeutics in a report on Friday, February 7th. They set a “buy” rating and a $15.00 target price for the company.

Candel Therapeutics Stock Performance

Shares of NASDAQ:CADL opened at $11.63 on Wednesday. The company’s fifty day moving average is $8.20 and its two-hundred day moving average is $6.63. Candel Therapeutics has a 1-year low of $1.34 and a 1-year high of $14.60. The stock has a market capitalization of $377.74 million, a price-to-earnings ratio of -6.72 and a beta of -1.25.

Insider Buying and Selling

In other news, CTO Seshu Tyagarajan sold 20,392 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $4.56, for a total transaction of $92,987.52. Following the completion of the transaction, the chief technology officer now directly owns 125,657 shares in the company, valued at approximately $572,995.92. The trade was a 13.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Paul B. Manning acquired 1,250,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was acquired at an average cost of $6.00 per share, with a total value of $7,500,000.00. Following the completion of the acquisition, the director now directly owns 1,303,752 shares in the company, valued at approximately $7,822,512. This represents a 2,325.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 75,856 shares of company stock valued at $470,044 in the last quarter. Company insiders own 41.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets acquired a new position in shares of Candel Therapeutics during the fourth quarter valued at $30,000. Russell Investments Group Ltd. grew its position in Candel Therapeutics by 75.1% in the 4th quarter. Russell Investments Group Ltd. now owns 3,753 shares of the company’s stock valued at $33,000 after buying an additional 1,610 shares in the last quarter. FMR LLC acquired a new position in Candel Therapeutics during the 3rd quarter valued at about $46,000. Wells Fargo & Company MN raised its position in shares of Candel Therapeutics by 63.6% during the 4th quarter. Wells Fargo & Company MN now owns 10,122 shares of the company’s stock worth $88,000 after buying an additional 3,935 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Candel Therapeutics by 15.2% during the 4th quarter. JPMorgan Chase & Co. now owns 10,426 shares of the company’s stock worth $90,000 after buying an additional 1,375 shares in the last quarter. Institutional investors and hedge funds own 13.93% of the company’s stock.

About Candel Therapeutics

Candel Therapeutics, Inc, a clinical stage biopharmaceutical company, engages in the development immunotherapies for the cancer patients. It develops CAN-2409, which is in Phase II clinical trials for the treatment of pancreatic cancer; Phase III clinical trials for the treatment of prostate cancer; and Phase II clinical trials for the treatment of lung cancer, as well as has completed Phase Ib/II clinical trials for the treatment of high-grade glioma.