In a report released yesterday, John Newman from Canaccord Genuity maintained a Buy rating on Candel Therapeutics (CADL – Research Report), with a price target of $25.00.
John Newman has given his Buy rating due to a combination of factors surrounding Candel Therapeutics’ promising clinical developments. The anticipated positive final overall survival data for CAN-2409 in non-small cell lung cancer, expected in the first quarter of 2025, suggests a significant improvement over the standard of care. This is bolstered by additional biomarker data that indicates continued anti-tumor activity and a trend of abscopal response.
Moreover, the initial survival data for CAN-3110 in high-grade glioma, expected in the fourth quarter of 2025, further supports the company’s potential. The proof-of-concept has been demonstrated with encouraging median overall survival rates. Additionally, the company’s progress towards a BLA submission for prostate cancer by the fourth quarter of 2026, with a strong likelihood of approval, underscores the potential for future revenue generation. These factors collectively support John Newman’s Buy rating and a price target of $25.
In another report released on February 26, H.C. Wainwright also reiterated a Buy rating on the stock with a $19.00 price target.
CADL’s price has also changed moderately for the past six months – from $7.010 to $7.940, which is a 13.27% increase.