TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
Tyagarajan Seshu, the Chief Technology Officer of Candel Therapeutics, Inc. (NASDAQ:CADL), recently sold 14,545 shares of the company's common stock. The transaction, dated January 8, was executed at an average price of $8.2182 per share, amounting to a total value of $119,533. The stock, which has shown remarkable strength with a 532% return over the past year, currently trades near $8.18. InvestingPro analysis suggests the stock is currently undervalued.
According to the filing, these sales were made to cover tax withholding obligations related to the vesting of restricted stock units. This is in line with Candel Therapeutics' mandatory policy, which requires sales sufficient to cover tax withholding obligations associated with such vesting events. Following this transaction, Seshu holds 111,112 shares directly in the $267.6 million market cap company. InvestingPro subscribers can access 10 additional key insights about CADL, including detailed volatility metrics and growth prospects.
In other recent news, Candel Therapeutics has made significant strides with its prostate cancer treatment, CAN-2409. After a successful Phase 3 clinical trial involving 745 participants, the drug showed a statistically significant improvement in disease-free survival (DFS) when used in combination with standard care therapies. This trial was conducted under a Special Protocol Assessment with the FDA, increasing the likelihood of regulatory approval for CAN-2409.
H.C. Wainwright has since upgraded Candel Therapeutics' stock and raised the price target to $19.00, reflecting confidence in the drug's future. Alongside these developments, Candel Therapeutics has also announced an $80 million public offering, consisting of common stock and pre-funded warrants. Citigroup (NYSE:C), BofA Securities, Canaccord Genuity, and H.C. Wainwright & Co. are involved in managing the offering.
These recent developments highlight Candel Therapeutics' ongoing efforts to advance its pipeline of cancer immunotherapies and bring new treatment options to patients.
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