Candel Therapeutics (NASDAQ:CADL) Stock Price Crosses Below 200-Day Moving Average – Here’s What Happened

Candel Therapeutics, Inc. (NASDAQ:CADL) passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $8.32 and traded as low as $7.92. Candel Therapeutics shares last traded at $8.04, with a volume of 1,227,637 shares changing hands.

Analyst Upgrades and Downgrades

CADL has been the subject of several research reports. HC Wainwright reissued a “buy” rating on shares of Candel Therapeutics in a research note on Friday, October 2nd. Stifel Nicolaus started coverage on Candel Therapeutics in a research report on Monday, July 13th. They set a “buy” rating and a $22.00 target price on the stock. Jefferies Financial Group started coverage on Candel Therapeutics in a report on Thursday, October 22nd. They set a “buy” rating and a $25.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Candel Therapeutics in a report on Thursday, October 15th. Finally, UBS Group reiterated a “buy” rating on shares of Candel Therapeutics in a research report on Monday, August 17th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, Candel Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $21.43.

Candel Therapeutics Stock Performance

The firm’s 50-day moving average price is $10.30 and its two-hundred day moving average price is $8.32. The firm has a market capitalization of $615.21 million, a PE ratio of -5.70 and a beta of -0.27. The company has a quick ratio of 16.09, a current ratio of 16.09 and a debt-to-equity ratio of 0.38.

Candel Therapeutics (NASDAQ:CADL) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.28). As a group, research analysts predict that Candel Therapeutics, Inc. will post -1.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Candel Therapeutics news, CTO Seshu Tyagarajan sold 7,000 shares of Candel Therapeutics stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $12.00, for a total transaction of $84,000.00. Following the transaction, the chief technology officer directly owned 76,865 shares in the company, valued at approximately $922,380. The trade was a 8.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 14.30% of the company’s stock.

Institutional Trading of Candel Therapeutics

A number of hedge funds have recently modified their holdings of CADL. BlackRock Inc. acquired a new stake in shares of Candel Therapeutics in the second quarter worth $51,181,000. Bank of America Corp DE purchased a new position in shares of Candel Therapeutics during the second quarter valued at $2,873,000. Wellington Management Group LLP acquired a new position in Candel Therapeutics during the second quarter valued at $2,119,000. Bank of New York Mellon Corp acquired a new position in Candel Therapeutics during the second quarter valued at $1,975,000. Finally, Janus Henderson Group PLC acquired a new position in Candel Therapeutics during the first quarter valued at $845,000. Hedge funds and other institutional investors own 13.93% of the company’s stock.

About Candel Therapeutics

Candel Therapeutics, Inc is a clinical-stage biopharmaceutical company developing biological immunotherapies designed to stimulate the immune system to recognize and attack cancer. The company’s approach uses engineered viral therapies intended to promote immunogenic cell death and generate broader, potentially systemic antitumor immune responses.

Candel’s pipeline includes CAN-3110, an investigational oncolytic immunotherapy based on a genetically engineered herpes simplex virus type 1.