Promising CAN-2409 Trial Results Drive Buy Rating for Candel Therapeutics

Canaccord Genuity analyst John Newman has maintained their bullish stance on CADL stock, giving a Buy rating on March 20.

John Newman has given his Buy rating due to a combination of factors, primarily the promising results from Candel Therapeutics’ CAN-2409 trial in non-small cell lung cancer (NSCLC). The trial demonstrated a median overall survival (mOS) of 21.5 months, significantly surpassing the standard of care, which ranges from 9.8 to 11.8 months. This suggests a strong long-term anti-tumor immune response triggered by CAN-2409, with 37% of patients still alive after 24 months.
Furthermore, the data supports a potential registrational trial focused on non-squamous NSCLC patients, where the mOS reached 25.4 months compared to the standard of care’s 9.9 to 12.3 months. Although the intention-to-treat analysis showed a shorter mOS of 16.7 months, it remains notably longer than the standard treatment. Newman anticipates positive updates for CAN-2409 across various indications and sees long-term value in the drug, reinforcing his Buy rating with a price target of $25.

According to TipRanks, Newman is an analyst with an average return of -4.7% and a 32.66% success rate. Newman covers the Healthcare sector, focusing on stocks such as Candel Therapeutics, Delcath Systems, and Regeneron.

In another report released on March 20, Bank of America Securities also maintained a Buy rating on the stock with a $15.00 price target.