Buy Recommendation for Candel Therapeutics: Promising Data on CAN-2409 Treatment for Prostate Cancer

Bank of America Securities analyst Alec Stranahan maintained a Buy rating on Candel Therapeutics (CADL – Research Report) yesterday and set a price target of $15.00.

Alec Stranahan’s rating is based on the promising data presented by Candel Therapeutics at the ASCO conference, which bolstered confidence in their CAN-2409 treatment for prostate cancer. The treatment demonstrated a favorable safety profile, with fewer serious adverse events compared to placebo, and showed a significant reduction in the risk of disease recurrence or death. Additionally, the complete response rate at two years was notably higher for CAN-2409 compared to placebo, indicating potential long-term benefits.
Key opinion leaders (KOLs) expressed optimism about the treatment’s impact on quality of life, particularly due to the reduction in disease recurrence, which could lessen the need for lifelong androgen deprivation therapy (ADT) and its associated side effects. The ease of administration and integration into existing care practices were also highlighted as advantages. Management’s strategy to pursue a broad label for CAN-2409 and the potential for its approval in 2027 further support the Buy rating, as these factors suggest a strong market opportunity for the therapy.

CADL’s price has also changed moderately for the past six months – from $4.510 to $5.750, which is a 27.49% increase.