Analyst John Newman of Canaccord Genuity maintained a Buy rating on Candel Therapeutics (CADL – Research Report), retaining the price target of $25.00.
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John Newman has given his Buy rating due to a combination of factors that highlight the potential of Candel Therapeutics’ CAN-2409 in treating prostate cancer. The recent presentation of Phase 3 trial results at ASCO demonstrated that CAN-2409 is effective in intermediate to high-risk localized prostate cancer, particularly in patients not undergoing Androgen Deprivation Therapy (ADT). This suggests that CAN-2409 functions independently of ADT, potentially sparing patients from the long-term side effects associated with ADT.
Moreover, the administration of CAN-2409 is straightforward, requiring only three injections and oral valacyclovir, which can be easily managed in an outpatient setting. Candel plans to submit a Biologics License Application (BLA) by the fourth quarter of 2026, with expectations of a broader label that could address significant unmet needs in prostate cancer treatment. These factors, combined with the potential for CAN-2409 to improve the standard of care, underpin Newman’s confidence in the stock’s long-term value, leading to a Buy rating and a price target of $25.
In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $15.00 price target.