In a report released today, Vernon Bernardino from H.C. Wainwright reiterated a Buy rating on Candel Therapeutics (CADL – Research Report), with a price target of $11.00.
Vernon Bernardino’s Buy rating for Candel Therapeutics (CADL) is primarily driven by the company’s significant progress in its clinical programs, particularly CAN-2409 and CAN-3110. A notable factor contributing to this recommendation is the encouraging interim data from the Phase 2 clinical trial of CAN-2409 in non-metastatic pancreatic cancer (NMPC). The data showed that CAN-2409 improved survival, a particularly promising result given the high recurrence rate and short survival associated with the current treatment regimen for borderline resectable pancreatic ductal adenocarcinoma (PDAC). Furthermore, Bernardino was impressed by the number of long-term survivors in the trial, which he sees as a positive sign for the overall survival data expected in 2Q24.
The second primary reason for the Buy rating is the potential of CAN-3110 to enhance anti-cancer immune responses, even in immunosuppressive tumor environments. This was demonstrated in patients with recurrent high-grade glioma (HGG) who had failed standard of care (SOC). The encouraging survival data, along with no observed dose-limiting toxicities and improved median overall survival, are key factors that support this mechanism as a promising treatment strategy. Lastly, Candel’s financial stability, with enough cash to fund operations into mid-2024, further solidifies Bernardino’s confidence in the company’s potential for growth.
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Candel Therapeutics (CADL) Company Description:
Candel Therapeutics Inc is a late clinical stage biopharmaceutical company. It is focused on helping patients fight cancer with oncolytic viral immunotherapies.
Read More on CADL:
- Candel Therapeutics Reports Third Quarter 2023 Financial Results and Recent Corporate Highlights
- Candel Therapeutics reports Q3 EPS (29c) vs (30c) last year
- Candel Therapeutics, Inc. (CADL) Q3 Earnings Cheat Sheet
- Candel Therapeutics presents preclinical data from enLIGHTEN Discovery Platform
- Candel Therapeutics Presents Preclinical Data from its enLIGHTEN™ Discovery Platform at SITC
