Candel Therapeutics (NASDAQ:CADL) Stock Falls 4.3% – Here’s Why

Candel Therapeutics, Inc. (NASDAQ:CADL) was down 4.3% on Tuesday. The stock traded as low as $10.80 and last traded at $10.7120. Approximately 200,078 shares were traded during mid-day trading, a decline of 86% from the average session volume of 1,480,229 shares. The stock had previously closed at $11.19.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CADL. HC Wainwright reaffirmed a “buy” rating and set a $23.00 price target on shares of Candel Therapeutics in a report on Thursday, August 13th. Wall Street Zen cut shares of Candel Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, August 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Candel Therapeutics in a research report on Friday, July 17th. UBS Group restated a “buy” rating on shares of Candel Therapeutics in a research note on Monday, August 17th. Finally, Bank of America raised Candel Therapeutics from a “neutral” rating to a “buy” rating and raised their target price for the company from $12.00 to $18.00 in a report on Monday, September 21st. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $20.14.

Candel Therapeutics Trading Down 4.9%

The firm’s 50-day moving average is $11.47 and its 200 day moving average is $8.87. The firm has a market capitalization of $814.33 million, a price-to-earnings ratio of -7.54 and a beta of -0.48. The company has a current ratio of 16.09, a quick ratio of 16.09 and a debt-to-equity ratio of 0.38.

Candel Therapeutics (NASDAQ:CADL) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.28). On average, equities analysts predict that Candel Therapeutics, Inc. will post -1.29 earnings per share for the current fiscal year.

Insider Activity at Candel Therapeutics

In other Candel Therapeutics news, CTO Seshu Tyagarajan sold 7,000 shares of the company’s stock in a transaction on Monday, August 17th. The stock was 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 in the company, valued at $922,380. This represents a 8.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 modified their holdings of CADL. Janney Montgomery Scott LLC boosted its position in Candel Therapeutics by 12.6% during the first quarter. Janney Montgomery Scott LLC now owns 30,472 shares of the company’s stock valued at $149,000 after buying an additional 3,400 shares during the period. Krilogy Financial LLC raised its holdings in Candel Therapeutics by 25.3% in the 1st quarter. Krilogy Financial LLC now owns 30,065 shares of the company’s stock worth $155,000 after purchasing an additional 6,065 shares in the last quarter. Legal & General Group Plc purchased a new stake in Candel Therapeutics in the second quarter worth about $63,000. HB Wealth Management LLC lifted its stake in shares of Candel Therapeutics by 15.3% in the 1st quarter. HB Wealth Management LLC now owns 67,245 shares of the company’s stock valued at $330,000 after purchasing an additional 8,900 shares during the period. Finally, ProShare Advisors LLC bought a new stake in shares of Candel Therapeutics during the 4th quarter valued at $59,000. 13.93% of the stock is owned by hedge funds and other institutional investors.

Candel Therapeutics Company Profile

Candel Therapeutics, Inc is a clinical-stage biotechnology company developing multimodal biological immunotherapies designed to stimulate the immune system to recognize and attack cancer. The company focuses on engineered viruses administered directly into tumors, with the goal of creating a localized immune response that may also affect cancer cells elsewhere in the body.

Candel’s pipeline includes CAN-2409, an investigational, replication-defective adenovirus-based immunotherapy being studied in cancers including localized prostate cancer and non-small cell lung cancer.