JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
Francesca Barone, the Chief Scientific Officer of Candel Therapeutics, Inc. (NASDAQ:CADL), recently sold 13,673 shares of the company's common stock. The shares were sold at an average price of $8.2182, totaling approximately $112,367. Following this transaction, Barone now holds 124,207 shares directly in the $267.6 million market cap company. InvestingPro analysis indicates the stock is currently trading slightly below its Fair Value, after delivering an impressive 532% return over the past year.
The sale was 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. This policy requires the sale of shares to meet tax obligations associated with vesting events, and the transaction does not reflect discretionary sales by Barone. According to InvestingPro data, CADL generally trades with high price volatility, with the stock price ranging from $1.16 to $14.60 over the past 52 weeks. InvestingPro subscribers have access to 9 additional key insights about CADL's performance and outlook.
In other recent news, Candel Therapeutics Inc. has made considerable progress following the successful Phase 3 clinical trial of CAN-2409 for localized prostate cancer treatment. The trial, which involved 745 participants, achieved its primary endpoint by showing a significant improvement in disease-free survival (DFS) for patients using CAN-2409 in combination with standard care therapies. This outcome has led to an increased likelihood of CAN-2409 receiving regulatory approval, now estimated at 85%, as noted by an analyst from H.C. Wainwright.
Simultaneously, Candel Therapeutics announced the pricing of an $80 million public offering, consisting of 10 million shares of common stock and pre-funded warrants for over 3.3 million shares. The public offering is managed by Citigroup (NYSE:C), BofA Securities, Canaccord Genuity, and H.C. Wainwright & Co.
In addition to these developments, the company has also shared insights from a Phase 2 clinical trial of CAN-2409 as a monotherapy in patients with low-to-intermediate risk localized prostate cancer. These recent advancements highlight Candel Therapeutics' ongoing efforts to bring new treatment options to patients and further its position in the biopharmaceutical sector.
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