In a report released today, Vernon Bernardino from H.C. Wainwright reiterated a Buy rating on Candel Therapeutics (CADL – Research Report), with a price target of $19.00.
Vernon Bernardino has given his Buy rating due to a combination of factors related to the promising clinical results of Candel Therapeutics’ CAN-2409. The company has demonstrated significant improvements in disease-free survival for prostate cancer patients and impressive median overall survival in pancreatic cancer patients when treated with CAN-2409 in combination with a prodrug, compared to standard-of-care treatments. These outcomes suggest a strong potential for similar success in ongoing trials for non-small cell lung cancer (NSCLC), which could serve as a positive catalyst for the stock.
Furthermore, earlier data from a Phase 2 study in NSCLC patients, who were inadequately responding to immune checkpoint inhibitor therapy, showed encouraging median overall survival rates. The treatment also elicited a systemic immune response, indicated by increased levels of certain immune cells and proteins associated with prolonged survival. These factors collectively underpin Bernardino’s confidence in the potential of CAN-2409 to continue delivering favorable results, thereby justifying the Buy rating and the price target of $19.
In another report released today, Bank of America Securities also reiterated a Buy rating on the stock with a $15.00 price target.
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