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Investing.com - Freedom Broker initiated coverage on Candel Therapeutics Inc. (NASDAQ:CADL) with a Buy rating and a price target of $13.00 on Monday. The company, currently valued at $291.1 million, has seen its stock surge 16.43% over the past week, with analysts setting price targets ranging from $15 to $25.
The research firm cited Candel’s differentiated oncolytic immunotherapy platform as a key factor in its positive outlook, particularly highlighting the company’s primary asset, CAN-2409, which is advancing toward a Biologics License Application (BLA) submission for localized prostate cancer in the fourth quarter of 2026.
Freedom Broker noted that CAN-2409’s development is supported by positive Phase 3 disease-free survival data and an FDA Regenerative Medicine Advanced Therapy (RMAT) designation, strengthening its potential regulatory pathway.
The firm also pointed to upcoming interim Phase 1b data for CAN-3110 in recurrent high-grade glioma expected in the fourth quarter of 2025, which it identified as a potentially significant clinical and valuation catalyst for the company.
Freedom Broker emphasized Candel’s financial position as supportive of its clinical programs, noting the company has a cash runway extending into the first quarter of 2027 and maintains a conservative debt structure. This assessment is supported by InvestingPro data showing a healthy current ratio of 4.64 and minimal debt-to-equity ratio of 0.15, indicating strong liquidity and conservative financial management.
In other recent news, Candel Therapeutics has been actively advancing its lead immunotherapy candidate, CAN-2409, which has shown promising results in a Phase 3 trial for localized prostate cancer. The company is preparing for a Biologics License Application submission, expected in the fourth quarter of 2026. Candel recently raised $15 million through a registered direct offering, with funds intended to support pre-commercialization activities for CAN-2409. The company has also been added to multiple Russell value indexes, reflecting its growing presence in the investment community. Brookline Capital Markets and H.C. Wainwright have both initiated coverage on Candel Therapeutics with Buy ratings, citing the potential of CAN-2409. Brookline Capital set a price target of $25, while H.C. Wainwright set a target of $23, underscoring the therapy’s potential market opportunity. Additionally, Candel Therapeutics appointed Charles Schoch as its permanent Chief Financial Officer, following his role as interim CFO. Schoch has played a significant role in financial leadership, including overseeing a capital raise of approximately $86 million.
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