Alec Stranahan, an analyst from Bank of America Securities, maintained the Buy rating on Candel Therapeutics (CADL – Research Report). The associated price target remains the same with $15.00.
Alec Stranahan has given his Buy rating due to a combination of factors that highlight the potential of Candel Therapeutics’ lead cancer vaccine, CAN-2409. The recent partnership with IDEA Pharma is seen as a strategic move to enhance the commercial strategy for CAN-2409, offering potential for earlier approval and launch, quicker market penetration, and higher peak market reach. This collaboration is particularly promising given IDEA Pharma’s successful track record with major pharmaceutical product launches.
Furthermore, the robust clinical data supporting CAN-2409 strengthens its commercial promise. Recent phase 3 trial results in prostate cancer showed a significant improvement in disease-free survival compared to standard treatments, while phase 2 data in pancreatic cancer demonstrated enhanced overall survival rates. These findings, combined with the large addressable markets for prostate, pancreatic, and lung cancers, suggest a potential peak sales of $1.1 billion for CAN-2409, supporting the Buy rating and a price objective of $15.00.
In another report released on March 17, H.C. Wainwright also reiterated a Buy rating on the stock with a $19.00 price target.
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CADL in relation to earlier this year.