Candel Therapeutics (NASDAQ:CADL) Stock Price Breaks Below 200-Day Moving Average – Here’s Why

Candel Therapeutics, Inc. (NASDAQ:CADL) shares passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $8.32 and traded as low as $7.92. Candel Therapeutics shares last traded at $8.04, with a volume of 1,227,637 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CADL. Bank of America raised Candel Therapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $12.00 to $18.00 in a report on Monday, September 21st. HC Wainwright restated a “buy” rating on shares of Candel Therapeutics in a research report on Friday, October 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Candel Therapeutics in a report on Thursday, October 15th. Stifel Nicolaus assumed coverage on shares of Candel Therapeutics in a report on Monday, July 13th. They set a “buy” rating and a $22.00 price objective on the stock. Finally, Zacks Research downgraded shares of Candel Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 14th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $21.43.

Candel Therapeutics Stock Up 8.8%

The firm’s 50-day moving average price is $10.20 and its 200 day moving average price is $8.33. The firm has a market capitalization of $669.55 million, a price-to-earnings ratio of -6.21 and a beta of -0.27. The company has a debt-to-equity ratio of 0.38, a current ratio of 16.09 and a quick ratio of 16.09.

Candel Therapeutics (NASDAQ:CADL) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.28). Sell-side analysts expect that Candel Therapeutics, Inc. will post -1.29 EPS for the current year.

Insider Buying and Selling

In related 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 transaction, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 14.30% of the company’s stock.

Institutional Investors Weigh In On Candel Therapeutics

Several hedge funds have recently modified their holdings of CADL. ACT Capital Partners L.P. purchased a new stake in shares of Candel Therapeutics during the third quarter worth about $1,571,000. Russell Investments Group Ltd. raised its position in shares of Candel Therapeutics by 172.6% in the third quarter. Russell Investments Group Ltd. now owns 43,639 shares of the company’s stock valued at $456,000 after buying an additional 27,632 shares during the last quarter. AlphaCentric Advisors LLC lifted its stake in shares of Candel Therapeutics by 4.3% during the third quarter. AlphaCentric Advisors LLC now owns 38,259 shares of the company’s stock valued at $399,000 after buying an additional 1,576 shares during the period. Alps Advisors Inc. lifted its stake in shares of Candel Therapeutics by 36.4% during the third quarter. Alps Advisors Inc. now owns 101,401 shares of the company’s stock valued at $1,059,000 after buying an additional 27,038 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Candel Therapeutics during the third quarter worth approximately $41,000. 13.93% of the stock is owned by institutional investors and hedge funds.

Candel Therapeutics Company Profile

Candel Therapeutics, Inc is a clinical-stage biopharmaceutical company developing biological immunotherapies designed to stimulate the immune system to recognize and attack cancer. The company’s approach uses engineered viral therapies intended to promote immunogenic cell death and generate broader, potentially systemic antitumor immune responses.

Candel’s pipeline includes CAN-3110, an investigational oncolytic immunotherapy based on a genetically engineered herpes simplex virus type 1.