Andres Y. Maldonado, an analyst from H.C. Wainwright, reiterated the Buy rating on Candel Therapeutics. The associated price target remains the same with $23.00.
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Andres Y. Maldonado has given his Buy rating due to a combination of factors including the promising results from Candel Therapeutics’ Phase 3 trial of CAN-2409 in prostate cancer, which demonstrated a significant reduction in disease recurrence risk and impressive secondary endpoint outcomes. The high pathological complete response rate at the two-year biopsy provides strong clinical validation for the treatment’s in situ immunization mechanism.
Additionally, the positive survival data in pancreatic cancer and non-small cell lung cancer further support the potential of CAN-2409 as a versatile platform across various tumor types. The RMAT designation in prostate cancer positions the company for a future BLA submission and commercialization, addressing a market with significant unmet needs. These developments enhance confidence in CAN-2409’s regulatory approval and adoption prospects, with prostate cancer as the primary revenue driver and pancreatic cancer as a near-term expansion opportunity.
In another report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a $25.00 price target.