Candel Therapeutics, Inc. (NASDAQ:CADL) Sees Large Increase in Short Interest

Candel Therapeutics, Inc. (NASDAQ:CADL - Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 4,470,000 shares, an increase of 29.6% from the March 15th total of 3,450,000 shares. Approximately 12.9% of the shares of the stock are sold short. Based on an average trading volume of 1,220,000 shares, the days-to-cover ratio is currently 3.7 days.

Candel Therapeutics Trading Up 2.5 %

Shares of NASDAQ CADL traded up $0.12 during midday trading on Wednesday, reaching $4.86. The company had a trading volume of 523,751 shares, compared to its average volume of 1,454,014. The stock has a market cap of $229.56 million, a P/E ratio of -2.81 and a beta of -0.95. Candel Therapeutics has a 1 year low of $3.79 and a 1 year high of $14.60. The business's 50-day simple moving average is $7.23 and its 200 day simple moving average is $6.78.

Candel Therapeutics (NASDAQ:CADL - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.40) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.17). Analysts predict that Candel Therapeutics will post -1.47 earnings per share for the current year.

Insider Buying and Selling at Candel Therapeutics

In related news, CTO Seshu Tyagarajan sold 31,278 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $8.82, for a total transaction of $275,871.96. Following the completion of the transaction, the chief technology officer now directly owns 85,512 shares of the company's stock, valued at approximately $754,215.84. This represents a 26.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charles Schoch sold 5,000 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $8.83, for a total transaction of $44,150.00. Following the completion of the transaction, the insider now directly owns 38,038 shares of the company's stock, valued at approximately $335,875.54. This trade represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 41.60% of the company's stock.

Hedge Funds Weigh In On Candel Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets acquired a new stake in shares of Candel Therapeutics during the 4th quarter worth approximately $30,000. Russell Investments Group Ltd. grew its holdings in shares of Candel Therapeutics by 75.1% during the fourth quarter. Russell Investments Group Ltd. now owns 3,753 shares of the company's stock worth $33,000 after buying an additional 1,610 shares in the last quarter. FMR LLC acquired a new stake in Candel Therapeutics in the 3rd quarter valued at about $46,000. Wells Fargo & Company MN boosted its holdings in shares of Candel Therapeutics by 63.6% during the 4th quarter. Wells Fargo & Company MN now owns 10,122 shares of the company's stock worth $88,000 after purchasing an additional 3,935 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Candel Therapeutics by 15.2% in the fourth quarter. JPMorgan Chase & Co. now owns 10,426 shares of the company's stock valued at $90,000 after purchasing an additional 1,375 shares in the last quarter. Institutional investors and hedge funds own 13.93% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CADL. Citigroup initiated coverage on shares of Candel Therapeutics in a research report on Thursday, February 20th. They set a "buy" rating and a $25.00 price objective on the stock. Canaccord Genuity Group upped their target price on Candel Therapeutics from $20.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, February 26th. HC Wainwright reiterated a "buy" rating and set a $19.00 price objective on shares of Candel Therapeutics in a research note on Friday, April 11th. Finally, Bank of America assumed coverage on Candel Therapeutics in a research note on Friday, February 7th. They issued a "buy" rating and a $15.00 target price on the stock.

Candel Therapeutics Company Profile

Candel Therapeutics, Inc, a clinical stage biopharmaceutical company, engages in the development immunotherapies for the cancer patients. It develops CAN-2409, which is in Phase II clinical trials for the treatment of pancreatic cancer; Phase III clinical trials for the treatment of prostate cancer; and Phase II clinical trials for the treatment of lung cancer, as well as has completed Phase Ib/II clinical trials for the treatment of high-grade glioma.