Candel Therapeutics (NASDAQ:CADL) Trading Down 7% – Here’s What Happened

Candel Therapeutics, Inc. (NASDAQ:CADL)’s share price traded down 7% on Thursday . The stock traded as low as $11.38 and last traded at $11.32. 1,010,048 shares were traded during mid-day trading, a decline of 32% from the average session volume of 1,490,628 shares. The stock had previously closed at $12.17.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CADL. Weiss Ratings restated a “sell (d-)” rating on shares of Candel Therapeutics in a research report on Friday, July 17th. Zacks Research upgraded shares of Candel Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Friday, May 15th. Wall Street Zen cut Candel Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, August 16th. Bank of America increased their price target on Candel Therapeutics from $9.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, August 14th. Finally, UBS Group restated a “buy” rating on shares of Candel Therapeutics in a research note on Monday, August 17th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.29.

Candel Therapeutics Trading Down 7.2%

The company has a current ratio of 16.09, a quick ratio of 16.09 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $863.91 million, a price-to-earnings ratio of -8.03 and a beta of -0.48. The firm’s 50-day moving average is $11.11 and its 200 day moving average is $8.31.

Candel Therapeutics (NASDAQ:CADL) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.28). On average, equities analysts predict that Candel Therapeutics, Inc. will post -1.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Candel Therapeutics

In other news, insider Francesca Barone sold 23,447 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $10.06, for a total value of $235,876.82. Following the completion of the sale, the insider owned 77,362 shares of the company’s stock, valued at approximately $778,261.72. This represents a 23.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Seshu Tyagarajan sold 7,000 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $12.00, for a total value of $84,000.00. Following the completion of the sale, the chief technology officer directly owned 76,865 shares of the company’s stock, valued at approximately $922,380. The trade was a 8.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 37,447 shares of company stock valued at $390,017. 14.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Candel Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Moneta Group Investment Advisors LLC grew its position in shares of Candel Therapeutics by 4.9% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 42,517 shares of the company’s stock worth $240,000 after buying an additional 2,000 shares during the period. Invesco Ltd. raised its stake in Candel Therapeutics by 29.0% during the 4th quarter. Invesco Ltd. now owns 15,039 shares of the company’s stock worth $85,000 after buying an additional 3,380 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Candel Therapeutics by 12.6% in the first quarter. Janney Montgomery Scott LLC now owns 30,472 shares of the company’s stock worth $149,000 after acquiring an additional 3,400 shares in the last quarter. MetLife Investment Management LLC grew its stake in Candel Therapeutics by 25.5% in the fourth quarter. MetLife Investment Management LLC now owns 19,443 shares of the company’s stock valued at $110,000 after acquiring an additional 3,955 shares during the period. Finally, California State Teachers Retirement System grew its stake in Candel Therapeutics by 177.0% in the second quarter. California State Teachers Retirement System now owns 6,571 shares of the company’s stock valued at $638,000 after acquiring an additional 4,199 shares during the period. 13.93% of the stock is owned by institutional investors and hedge funds.

Candel Therapeutics Company Profile

Candel Therapeutics (NASDAQ:CADL) is a clinical-stage immuno-oncology company focused on the development of next-generation oncolytic viral therapies designed to treat solid tumors. The company’s lead candidate, CAN-2409, is a locally administered, gene-delivered viral therapy engineered to selectively replicate in cancer cells and induce immunogenic cell death. Candel leverages proprietary virus engineering platforms to enhance tumor-specific replication and stimulate anti-tumor immune responses, aiming to improve outcomes for patients with high unmet medical needs.

In addition to its lead program, Candel’s pipeline includes CAN-3110, an oncolytic herpes simplex virus targeting recurrent high-grade glioma, and other novel viral constructs being explored for a variety of solid tumor indications.