Bank of America Downgrades Candel Therapeutics (NASDAQ:CADL) to Neutral

Candel Therapeutics (NASDAQ:CADL) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday, MarketBeat.com reports. They presently have a $7.00 target price on the stock, down from their prior target price of $13.00. Bank of America‘s price objective would suggest a potential upside of 43.15% from the stock’s current price.

A number of other equities research analysts also recently weighed in on CADL. Wall Street Zen upgraded Candel Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Brookline Capital Management raised Candel Therapeutics to a “strong-buy” rating in a research note on Wednesday, July 9th. Finally, HC Wainwright raised Candel Therapeutics to a “buy” rating and set a $23.00 target price for the company in a research note on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Candel Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $20.00.

Candel Therapeutics Price Performance

Shares of CADL opened at $4.89 on Wednesday. Candel Therapeutics has a one year low of $3.79 and a one year high of $14.60. The stock’s fifty day moving average is $5.99 and its 200-day moving average is $6.13. The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.04 and a current ratio of 7.04. The firm has a market capitalization of $268.46 million, a price-to-earnings ratio of -7.09 and a beta of -0.90.

Candel Therapeutics (NASDAQ:CADL) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.08. Equities analysts anticipate that Candel Therapeutics will post -1.47 EPS for the current year.

Institutional Investors Weigh In On Candel Therapeutics

Several institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new stake in shares of Candel Therapeutics during the 4th quarter worth about $30,000. Tower Research Capital LLC TRC lifted its holdings in Candel Therapeutics by 361.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,608 shares of the company’s stock worth $49,000 after purchasing an additional 7,527 shares during the last quarter. Taylor Financial Group Inc. bought a new stake in Candel Therapeutics during the first quarter worth approximately $56,000. Private Advisor Group LLC bought a new position in shares of Candel Therapeutics in the first quarter valued at approximately $58,000. Finally, Invesco Ltd. acquired a new position in Candel Therapeutics during the 1st quarter worth $59,000. 13.93% of the stock is currently owned by institutional investors and hedge funds.

Candel Therapeutics Company Profile

Candel Therapeutics, Inc, a clinical stage biopharmaceutical company, engages in the development immunotherapies for the cancer patients. It develops CAN-2409, which is in Phase II clinical trials for the treatment of pancreatic cancer; Phase III clinical trials for the treatment of prostate cancer; and Phase II clinical trials for the treatment of lung cancer, as well as has completed Phase Ib/II clinical trials for the treatment of high-grade glioma.