Candel Therapeutics (NASDAQ:CADL) Announces Quarterly Earnings Results

Candel Therapeutics (NASDAQ:CADL) released its quarterly earnings results on Tuesday. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.37, Zacks reports.

Candel Therapeutics Stock Up 3.7%

Shares of CADL stock traded up $0.19 on Tuesday, reaching $5.20. The company’s stock had a trading volume of 153,505 shares, compared to its average volume of 1,458,554. Candel Therapeutics has a 12-month low of $3.79 and a 12-month high of $14.60. The stock’s 50 day simple moving average is $5.97 and its 200-day simple moving average is $6.68. The company has a market capitalization of $255.96 million, a P/E ratio of -3.00 and a beta of -0.92.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Citigroup started coverage on shares of Candel Therapeutics in a research note on Thursday, February 20th. They issued a “buy” rating and a $25.00 target price for the company. Canaccord Genuity Group boosted their price target on Candel Therapeutics from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. HC Wainwright reissued a “buy” rating and issued a $19.00 target price on shares of Candel Therapeutics in a report on Friday, April 11th. Finally, Bank of America initiated coverage on shares of Candel Therapeutics in a research report on Friday, February 7th. They set a “buy” rating and a $15.00 price target on the stock.

Insider Activity

In other Candel Therapeutics news, insider Charles Schoch sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $8.83, for a total value of $44,150.00. Following the completion of the sale, the insider now owns 38,038 shares of the company’s stock, valued at $335,875.54. This represents a 11.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Seshu Tyagarajan sold 31,278 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $8.82, for a total transaction of $275,871.96. Following the completion of the transaction, the chief technology officer now owns 85,512 shares in the company, valued at $754,215.84. This represents a 26.78% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 41.60% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Candel Therapeutics stock. Invesco Ltd. purchased a new position in Candel Therapeutics, Inc. (NASDAQ:CADL) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,413 shares of the company’s stock, valued at approximately $59,000. Hedge funds and other institutional investors 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.