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

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $25.00 target price on shares of Candel Therapeutics in a research note on Friday, March 13th. Cantor Fitzgerald assumed coverage on Candel Therapeutics in a report on Monday, April 20th. They issued an “overweight” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Candel Therapeutics in a report on Monday, April 20th. Citigroup lowered their price objective on Candel Therapeutics from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Friday, March 13th. Finally, Zacks Research cut Candel Therapeutics from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 7th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Candel Therapeutics has an average rating of “Hold” and an average target price of $18.00.

Candel Therapeutics Trading Down 1.5%

The stock has a market cap of $642.94 million, a PE ratio of -12.30 and a beta of -0.59. The company has a debt-to-equity ratio of 0.91, a quick ratio of 13.49 and a current ratio of 13.49. The company’s 50-day moving average price is $5.83 and its 200 day moving average price is $5.60.

Candel Therapeutics (NASDAQ:CADL) last released its quarterly 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. On average, sell-side analysts forecast that Candel Therapeutics, Inc. will post -0.94 EPS for the current fiscal year.

Insider Activity

In related news, Director Paul B. Manning purchased 550,458 shares of Candel Therapeutics stock in a transaction that occurred on Monday, February 23rd. The stock was purchased at an average cost of $5.45 per share, with a total value of $2,999,996.10. Following the completion of the transaction, the director directly owned 2,763,527 shares in the company, valued at approximately $15,061,222.15. The trade was a 24.87% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 14.30% of the company’s stock.

Institutional Investors Weigh In On Candel Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Invesco Ltd. purchased a new position in shares of Candel Therapeutics in the 1st quarter valued at approximately $59,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Candel Therapeutics by 37.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,748 shares of the company’s stock worth $95,000 after purchasing an additional 4,583 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Candel Therapeutics by 26.8% during the first quarter. Rhumbline Advisers now owns 33,302 shares of the company’s stock worth $188,000 after purchasing an additional 7,030 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Candel Therapeutics by 31.5% during the second quarter. Geode Capital Management LLC now owns 903,970 shares of the company’s stock worth $4,575,000 after purchasing an additional 216,509 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Candel Therapeutics by 36.9% during the second quarter. JPMorgan Chase & Co. now owns 19,533 shares of the company’s stock worth $99,000 after purchasing an additional 5,270 shares in the last quarter. 13.93% of the stock is owned by hedge funds and other institutional investors.

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.