Analyst Oliver McCammon of LifeSci Capital maintained a Buy rating on Candel Therapeutics, retaining the price target of $16.00.
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Oliver McCammon has given his Buy rating due to a combination of factors surrounding Candel Therapeutics’ promising developments in their lead program, CAN-2409. This innovative treatment is designed for localized prostate cancer and has shown a significant reduction in disease recurrence in Phase 3 trials. The results indicated a 30% decrease in recurrence among patients treated with CAN-2409 in combination with standard care, which includes radiotherapy and short-term androgen deprivation therapy.
Furthermore, the positive feedback from key opinion leaders (KOLs) in the field of prostate cancer treatment supports the potential of CAN-2409 to be a valuable addition to current therapeutic options. The discussions during Candel’s Virtual R&D Day highlighted the favorable positioning of CAN-2409, especially considering the adverse effects associated with existing androgen deprivation therapies. These insights, combined with Candel’s strategic focus and financial outlook, underpin McCammon’s optimistic view of the company’s stock.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $23.00 price target.