Citi analyst Yigal Nochomovitz initiated coverage of Candel Therapeutics (CADL) with a Buy rating and $25 price target Candel is a late-stage biotech developing viral-based, intra-tumoral immunotherapies for solid tumors, the analyst tells investors in a research note. The firm says the company’s lead asset CAN-2409 is well positioned for success in localized prostate cancer following the “highly positive” Phase 3 results in Q4 of 2024. Citi’s modeling work suggests CAN-2409 could extend survial in localized prostate by as much as 8-9 years over radiotherapy alone.
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