Candel Therapeutics Stock More Than Doubles After Strong Prostate Cancer Trial Results: Retail Goes Wild
By Stocktwits Inc | First Published Dec 11, 2024, 10:28 PM ISTCandel said it plans to initiate talks with the U.S. Food and Drug Administration (FDA) to determine the regulatory pathway for CAN-2409.
Shares of Candel Therapeutics surged more than 100% on Wednesday, reaching seven-month highs, as the clinical-stage biopharmaceutical company announced positive results from a late-stage study of its CAN-2409 viral immunotherapy for prostate cancer.
The dramatic jump in stock price was accompanied by trading volume that was 94 times the daily average, propelling the company to the top of Stocktwits’ trending tickers.
Latest Videos
The Phase 3 multicenter study showed that CAN-2409, when combined with radiation therapy, provided a statistically significant and clinically meaningful benefit for patients with intermediate- to high-risk localized prostate cancer.
The treatment arm exhibited a 14.5% relative improvement in disease-free survival (DFS) at 54 months compared to the placebo group.
CAN-2409 also demonstrated a significant effect on prostate cancer-free survival and a higher percentage of patients achieving a prostate-specific antigen nadir, a key biomarker in prostate cancer treatment.
Following these promising results, Candel said it plans to initiate talks with the U.S. Food and Drug Administration (FDA) to determine the regulatory pathway for CAN-2409 in this patient population.
On Stocktwits, sentiment for CADL flipped to ‘extremely bullish’ from ‘bearish’ a day ago, with a notable surge in message volume.
Some optimistic retail investors were setting ambitious price targets.
Earlier in the year, Candel’s stock also saw a significant boost after promising trial data for CAN-2409.
The company’s financials remain a concern, with cash reserves dropping from $35.4 million at the end of 2023 to $16.6 million by September 30, 2024.
However, the company believes its current cash will be enough to support operations through the first quarter of 2025.
A Stocktwits poll shows that 53% of retail investors think CADL will face an offering soon to fund its subsequent trials, while 24% think it won’t as partnerships are likely to come.
CADL stock has soared more than 600% so far in 2024, driven by the strong clinical results and enthusiasm surrounding the company’s progress in cancer treatment.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.