Candel Therapeutics initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Candel Therapeutics (CADL) with an Overweight rating. The firm is highly bullish on Candel, arguing the stock is deeply undervalued based on a DCF suggesting about $30/share and $2.4B peak sales potential in localized prostate cancer, the analyst tells investors in a research note. The investment case is supported by positive Phase 3 DFS data, regulatory clarity via a Special Protocol Agreement, limited competition, tolerable safety profile, and additional upside from a lung cancer program entering Phase 3, the firm says.