Analyst Alec Stranahan from Bank of America Securities reiterated a Hold rating on Candel Therapeutics and keeping the price target at $7.00.
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Alec Stranahan’s rating is based on a combination of factors surrounding Candel Therapeutics’ recent developments and financial positioning. The updates on CAN-3110, particularly the multiomic data and extended follow-up results, highlight some promising aspects, but more data is necessary to make a definitive judgment on the efficacy of multiple doses. While the single-dose data is encouraging, the need for further information on phase 2 design and timelines suggests a cautious approach.
Additionally, the recent financing agreement with Trinity Capital provides Candel with the necessary resources to continue its development programs, but it also indicates potential future financial needs. The anticipated catalysts, such as the CAN-2409 BLA filing and mature OS data from CAN-3110, are expected to occur towards the end of 2026, suggesting that significant stock movements may not happen in the immediate future. These factors collectively support the Hold rating, as the potential for growth exists but is tempered by the need for more data and financial clarity.
CADL’s price has also changed moderately for the past six months – from $5.170 to $5.775, which is a 11.70% increase.