SoFi CEO enters prepaid forward contract on 1.5 million shares
Candel Therapeutics , Inc. (NASDAQ:CADL), a biotechnology company with a market capitalization of $390 million and an impressive 493% return over the past year, saw its Chief Executive Officer, Paul Peter Tak, engage in stock transactions this week. According to a recent SEC filing, Tak sold a total of 26,172 shares of common stock over two days, resulting in proceeds of approximately $229,624.
The sales were executed on March 18 and March 19, under a pre-arranged 10b5-1 trading plan adopted in November 2024. The shares were sold at a weighted average price ranging from $8.33 to $9.01 per share. Following these transactions, Tak retains ownership of 225,740 shares of Candel Therapeutics. According to InvestingPro analysis, the stock currently appears undervalued, with analyst price targets ranging from $15 to $25.
These sales come as part of Tak’s ongoing management of his holdings in the company, with shares sold in multiple transactions across the two days. The stock has shown strong momentum recently, gaining 12% in the past week. Discover more insights and 8 additional key metrics with InvestingPro.
In other recent news, Candel Therapeutics has reported significant advancements in its cancer treatment studies, particularly with its lead asset, CAN-2409. The company’s Phase 3 study for prostate cancer showed a statistically significant improvement in disease-free survival, while a Phase 2 trial for pancreatic ductal adenocarcinoma (PDAC) revealed a notable increase in median overall survival. Additionally, Candel has partnered with IDEA Pharma to enhance the commercial strategy for CAN-2409, with plans to submit a Biologics License Application by 2026. The therapy is also being evaluated in a Phase 2a trial for non-small cell lung cancer (NSCLC), with results anticipated soon. Analyst firms have shown confidence in Candel’s progress, with H.C. Wainwright maintaining a Buy rating and a $19 price target, and Citi initiating coverage with a Buy rating and a $25 price target. These ratings follow the promising clinical trial results and the strategic partnership aimed at strengthening CAN-2409’s market entry. Candel is also advancing its CAN-3110 program for high-grade glioma, with updates expected in late 2025. The company’s innovative approach and strategic developments underscore its potential for growth in the biotech sector.
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