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William Garrett Nichols, the Chief Medical (TASE:PMCN) Officer of Candel Therapeutics, Inc. (NASDAQ:CADL), a clinical-stage biopharmaceutical company with a market capitalization of $267.6 million, recently sold 10,799 shares of the company's common stock. The transaction, executed on January 8, 2025, was valued at approximately $88,749, with shares sold at an average price of $8.2183 each. The stock, which has shown remarkable strength with a 532% return over the past year and currently trades at $8.18, appears undervalued according to InvestingPro analysis.
According to the filing, these sales were not discretionary but were made to cover tax withholding obligations related to the vesting and settlement of restricted stock units. This is part of Candel Therapeutics' mandatory policy requiring such sales to meet tax requirements. Following this transaction, Nichols holds 89,748 shares directly. InvestingPro subscribers have access to 10 additional investment tips and comprehensive financial metrics for CADL, helping investors make more informed decisions about insider transactions.
In other recent news, Candel Therapeutics has been in the spotlight following a series of significant developments. The company's stock has been upgraded by H.C. Wainwright following successful results from a critical Phase 3 clinical trial involving CAN-2409 for the treatment of localized prostate cancer. The trial demonstrated a significant improvement in disease-free survival for patients using CAN-2409 in combination with standard care therapies.
In addition, Candel Therapeutics announced the pricing of an $80 million public offering, consisting of common stock and pre-funded warrants. Citigroup (NYSE:C), BofA Securities, and Canaccord Genuity are serving as joint bookrunning managers for the offering, with H.C. Wainwright & Co. acting as the lead manager.
Furthermore, the company 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 developments underscore Candel Therapeutics' ongoing efforts to advance its pipeline of cancer immunotherapies and bring new treatment options to patients.
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