Bond.az - BofA Securities raised its price target on Candel Therapeutics Inc. (NASDAQ:CADL) to $9.00 from $7.00, maintaining a Neutral rating. The stock currently trades at $7.90, up 90% in six months amid optimism around its prostate cancer pipeline.
The firm cited positive data for aglatimagene (CAN-2409) in localized intermediate- to high-risk prostate cancer. Extended follow-up showed continued treatment benefit over time.
Candel reported a 39% improvement in prostate cancer-specific disease-free survival, with favorable trends in key biologic endpoints. Data showed improved local tumor control and higher 2-year pathologic complete response rates.
BofA increased its penetration estimate for CAN-2409 in prostate cancer to $5 per share from $3, contributing to the higher target. The firm believes improved outcomes may translate into meaningful clinical benefit.
The Neutral rating reflects a balanced risk/reward profile until commercialization becomes clearer. According to Bond.az analysis, the stock appears overvalued relative to fair value, though the company has a strong balance sheet.
Candel plans to submit a Biologics License Application for aglatimagene by Q4 2026. H.C. Wainwright reiterated a Buy rating with a $23 target after encouraging lung cancer data.
