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Candel Therapeutics, Inc. (NASDAQ:CADL), a biotechnology company with a market capitalization of $267.6 million, saw its CEO Paul Peter Tak recently sell 21,172 shares of the company's common stock, according to a recent filing. The shares were sold at an average price of $8.2182 each, amounting to a total transaction value of $173,995. The transaction comes amid an impressive 532% return for shareholders over the past year.
These sales were made to cover tax withholding obligations related to the vesting and settlement of restricted stock units, as part of the company's mandatory sell-to-cover policy. Following the transaction, Tak holds 273,616 shares directly. According to InvestingPro analysis, the stock currently shows signs of being slightly undervalued based on its Fair Value metrics.
Investors often keep a close eye on insider transactions like these, as they can provide insights into the executive's view of the company's stock performance. InvestingPro data reveals the stock generally trades with high price volatility and has shown strong momentum with a 45.7% gain over the past six months. Subscribers can access 8 additional ProTips and comprehensive financial metrics for deeper analysis.
In other recent news, Candel Therapeutics has been making significant strides with its CAN-2409 treatment for prostate cancer. Positive results from a Phase 3 clinical trial demonstrated a statistically significant improvement in disease-free survival for patients using CAN-2409, leading H.C. Wainwright to upgrade Candel Therapeutics stock. The firm now estimates an 85% likelihood of CAN-2409 receiving regulatory approval, up from a previous estimate of 35%.
In tandem with these developments, Candel Therapeutics announced the pricing of an $80 million public offering. This involved 10 million shares of common stock and pre-funded warrants for over 3.3 million shares. Citigroup (NYSE:C), BofA Securities, and Canaccord Genuity served as joint bookrunning managers, with H.C. Wainwright & Co. acting as the lead manager.
Candel Therapeutics also shared results from a phase 2 clinical trial of CAN-2409 as a monotherapy in patients with low-to-intermediate risk localized prostate cancer. While not statistically significant, the trial showed numerical improvements in time to radical treatment and in the percentage of patients with negative biopsies after a year. The safety profile in this trial remained consistent with the phase 3 study.
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