Canaccord starts Candel Therapeutics at Buy on ‘best-in-class’ 2409 potential

As previously reported, Canaccord initiated coverage of Candel Therapeutics (CADL) with a Buy rating and $20 price target The firm expects continued clinical success for lead asset CAN-2409 in prostate, pancreatic, and non-small cell lung cancer, the analyst tells investors. In testing so far, CAN-2409 has demonstrated a significant increase in median overall survival and if this trend continues, CAN-2409 “could serve as a best-in-class therapy for borderline resectable pancreatic ductal adenocarcinoma,” says the analyst, who notes that Phase 2a pancreatic cancer study data is expected in Q1.