Candel Therapeutics (NASDAQ:CADL) Stock Price Down 12% – Here’s Why

Candel Therapeutics, Inc. (NASDAQ:CADL) traded down 12% during trading on Friday . The stock traded as low as $8.11 and last traded at $7.8440. 1,237,897 shares changed hands during mid-day trading, a decline of 11% from the average session volume of 1,395,146 shares. The stock had previously closed at $8.91.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $25.00 target price on shares of Candel Therapeutics in a research report on Friday, March 13th. Wall Street Zen upgraded shares of Candel Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Saturday. Citigroup decreased their target price on shares of Candel Therapeutics from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Friday, March 13th. Cantor Fitzgerald initiated coverage on shares of Candel Therapeutics in a report on Monday, April 20th. They issued an “overweight” rating for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Candel Therapeutics in a report on Monday, April 20th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Candel Therapeutics has an average rating of “Hold” and a consensus target price of $18.00.

Candel Therapeutics Trading Down 1.6%

The firm has a market capitalization of $642.58 million, a price-to-earnings ratio of -8.95 and a beta of -0.59. The firm’s 50 day moving average is $5.91 and its 200 day moving average is $5.62. The company has a quick ratio of 13.49, a current ratio of 13.49 and a debt-to-equity ratio of 0.91.

Candel Therapeutics (NASDAQ:CADL) last released its earnings results on Thursday, May 14th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.16. Equities analysts forecast that Candel Therapeutics, Inc. will post -0.94 earnings per share for the current year.

Insider Buying and Selling

In other Candel Therapeutics news, Director Paul B. Manning bought 550,458 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was acquired at an average cost of $5.45 per share, with a total value of $2,999,996.10. Following the completion of the purchase, the director directly owned 2,763,527 shares in the company, valued at approximately $15,061,222.15. This trade represents a 24.87% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 14.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Candel Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Candel Therapeutics by 12.3% in the 3rd quarter. Vanguard Group Inc. now owns 2,007,112 shares of the company’s stock valued at $10,236,000 after acquiring an additional 219,563 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Candel Therapeutics by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 977,512 shares of the company’s stock valued at $5,524,000 after acquiring an additional 49,315 shares in the last quarter. Halter Ferguson Financial Inc. lifted 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 in the last quarter. State Street Corp lifted its position in shares of Candel Therapeutics by 15.0% in the 4th quarter. State Street Corp now owns 792,218 shares of the company’s stock valued at $4,476,000 after acquiring an additional 103,452 shares in the last quarter. Finally, Millennium Management LLC purchased a new stake in shares of Candel Therapeutics in the 3rd quarter valued at approximately $697,000. 13.93% of the stock is owned by institutional investors and hedge funds.

About Candel Therapeutics

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.