JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
On Friday, H.C. Wainwright reaffirmed its Buy rating and $19.00 price target for Candel Therapeutics Inc. (NASDAQ: CADL), representing nearly 300% upside from the current price of $4.77. The consensus among analysts ranges from $15 to $25, according to InvestingPro data, with analysts maintaining a strong buy recommendation. The firm's analysts highlighted the continued positive results from the company's CAN-2409 product in treating various solid tumors.
Candel Therapeutics' CAN-2409, also known as aglatimagene besadenovec, is an adenoviral replication-defective engineered gene construct that encodes for the herpes simplex virus (HSV) thymidine kinase. This product is designed for in situ vaccination against solid tumors. The analysts noted the robust activation of an immune response by CAN-2409, which has led to clinically meaningful improvements in disease-free survival for patients with intermediate-to-high risk localized prostate cancer. Additionally, they pointed out the extended survival benefit for patients with borderline resectable pancreatic ductal adenocarcinoma.
The recent studies also show promising results for CAN-2409 in non-small cell lung cancer (NSCLC) and high-grade glioma (HGG), particularly when combined with nivolumab. In NSCLC, a median overall survival (mOS) extension of 24.5 months was observed, and in a subset of HGG patients, survival was extended up to 30.6 months. These findings are consistent with previous clinical trials involving CAN-2409.
Despite CAN-2409 being deprioritized in HGG in favor of CAN-3110, and having just completed a Phase 2a study in NSCLC, H.C. Wainwright assigns a nominal value of approximately $2 per share to the market potential of CAN-2409 in these indications. The firm believes that further advancement of CAN-2409 represents upside potential for Candel Therapeutics.
H.C. Wainwright suggests that the recent pullback in Candel Therapeutics' stock price is an exceptional buying opportunity for investors, maintaining their positive outlook on the company's prospects. InvestingPro data shows the stock has declined 45% year-to-date, with RSI indicating oversold conditions. The company maintains a healthy balance sheet with more cash than debt and a current ratio of 2.77, though it remains unprofitable with a negative EBITDA of $31.64 million in the last twelve months. InvestingPro subscribers have access to 8 additional key insights about CADL's financial health and market position.
In other recent news, Candel Therapeutics, Inc. has reported promising results from multiple clinical trials involving their experimental treatment, CAN-2409. The company released final survival data from a Phase 2a trial for advanced non-small cell lung cancer (NSCLC), showing a median overall survival of 24.5 months, which is notably longer than the typical survival with standard chemotherapy. Furthermore, Candel announced updated results from a Phase 2 trial for pancreatic ductal adenocarcinoma (PDAC), revealing a significant increase in median overall survival to 31.4 months for patients treated with CAN-2409 plus standard care, compared to 12.5 months for those receiving standard care alone.
Additionally, Candel highlighted progress in its Phase 3 study for prostate cancer, demonstrating a statistically significant improvement in disease-free survival. The company also announced a strategic partnership with IDEA Pharma to enhance the commercial strategy for CAN-2409, particularly following promising Phase 3 results in prostate cancer. Analysts at H.C. Wainwright maintained a Buy rating on Candel Therapeutics, reflecting confidence in the company's therapeutic pipeline, especially with the anticipated results from the ongoing NSCLC trial.
Candel's CAN-2409 has been granted Fast Track Designation by the FDA for several indications, including NSCLC and PDAC. The therapy is designed to induce an individualized immune response against tumors, and its safety profile has been generally favorable across studies. These developments underscore Candel's commitment to advancing CAN-2409 as a potential treatment for various solid tumors, with ongoing preparations for future clinical trials.
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