In a report released today, Alec Stranahan from Bank of America Securities maintained a Buy rating on Candel Therapeutics (CADL – Research Report), with a price target of $15.00.
Alec Stranahan has given his Buy rating due to a combination of factors including the promising survival data from Candel Therapeutics’ lead cancer vaccine, CAN-2409, in non-small cell lung cancer (NSCLC). The updated phase 2a trial results show significant improvements in overall survival, particularly in the non-squamous patient population, which suggests a strong potential for differentiation from the standard of care. Additionally, the recent partnership with IDEA Pharma is expected to accelerate commercialization efforts, enhancing the company’s ability to bring CAN-2409 to market more swiftly and effectively.
Furthermore, the company’s strategic focus on non-squamous histology patients, who have shown particularly strong responses, aligns with the observed biomarker responses and survival benefits. While additional financing may be needed for larger trials and regulatory filings, the positive safety profile and systemic anti-tumor responses observed in trials support the potential for CAN-2409’s success across multiple indications. These factors, combined with the potential value from CAN-3110, contribute to the positive outlook and Buy rating for Candel Therapeutics’ stock.
In another report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a $25.00 price target.