Candel Therapeutics downgraded to Neutral at BofA on lack of catalysts

As previously reported, BofA downgraded Candel Therapeutics (CADL) to Neutral from Buy with a price target of $7, down from $13. The firm sees catalyst flow picking up for its small-to-mid sized biotech coverage heading into early 2026, but would deprioritize stocks without near-term catalysts given the environment it would argue “has been more rewarding for positive clinical data than in recent years.” For Candel in particular, the firm sees “a relative catalyst desert” until a BLA filing in Q4 of 2026 and views pipeline development as likely conditional on additional financing, the analyst tells investors.