Candel initiated with an Overweight at Stephens on differentiated pipeline

As previously reported, Stephens initiated coverage of Candel Therapeutics (CADL) with an Overweight rating and $15 price target Though financing and market penetration remain “open questions,” the company’s pipeline represents “a differentiated and potentially transformative entry” within next-generation therapeutic modalities with lead asset CAN-2409 functioning as an augmentative therapy designed to complement, rather than replace, existing standards of care, which the firm sees limiting competitive pressures and allowing for broad application across multiple indications.