Candel Therapeutics Stock Rallies On Canaccord’s Vote Of Confidence In Lead Cancer Drug: Retail Traders Rejoice

CAN-2409 could become a “best-in-class therapy” for borderline resectable pancreatic ductal adenocarcinoma, according to the analyst.

Shares of Candel Therapeutics Inc. surged nearly 10% on Wednesday and extended gains in after-hours trading following a bullish call from Wall Street.

Canaccord initiated coverage on the stock with a ‘Buy’ rating and a $20 price target, implying a 91% upside from the last close. 

The research firm expects continued clinical success for Candel’s lead asset, CAN-2409, in prostate, pancreatic, and non-small cell lung cancer. 

In testing so far, CAN-2409 has shown a significant increase in median overall survival. If this trend continues, it could become a “best-in-class therapy” for borderline resectable pancreatic ductal adenocarcinoma, according to the analyst. 

On Stocktwits, sentiment turned ‘extremely bullish’ on Wednesday as message volume jumped by 50% and new followers increased by 4%. 

Traders speculated that upcoming data could drive a major rally, with some predicting that strong results from the pancreatic study could push shares into the $30-$40 range.

Last week, BofA Securities also initiated coverage on Candel with a ‘Buy’ rating and a $15 price target, citing promising early data for CAN-2409 and CAN-3110 as key drivers of its bullish outlook. 

The research firm noted that CAN-2409’s early results in prostate cancer suggest a potential breakthrough, while CAN-3110 has shown signs of nearly doubling overall survival in patients with recurrent high-grade glioma.

Candel has outlined several key milestones ahead. 

Updated overall survival data from Phase 2a trials of CAN-2409 in pancreatic and non-small cell lung cancer is expected in the first quarter of 2025. 

Phase 1b survival data for CAN-3110 in recurrent high-grade glioma is set for the fourth quarter of 2025, while a Biologics License Application (BLA) submission for CAN-2409 in prostate cancer is targeted for the fourth quarter of 2026.

Candel stock is up more than 22% this year. Short interest was 6.2% as of last week, down from 14.1% at the start of the year, per Koyfin data.

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