Shares of Candel Therapeutics (NASDAQ: CADL) dropped 4.15% this week, closing at $4.90. But that didn’t stop H.C. Wainwright from giving the stock a Buy rating and a bold price target of $23. That’s nearly five times where it’s trading today.
So what’s driving all this attention? It’s a small-cap biotech name, but it’s got a big shot in the cancer space, and investors are watching closely.
Can Candel’s Cancer Drug Win?
Candel’s lead product, CAN-2409, is an off-the-shelf immunotherapy targeting localized prostate cancer. In a large 745-patient Phase 3 trial, the treatment showed a 30% drop in recurrence or death and a 38% boost in disease-free survival. That’s a major process in the cancer phase.
The treatment is easy to deliver, too, just three quick injections over a few weeks, in a 20-minute outpatient visit. Plus, it shows fewer side effects compared to current options, which means fewer people dropping out of treatment midway.
The drug is being reviewed under FDA Fast Track and RMAT designations, which speed up approvals. The company plans to submit its Biologics License Application in late 2026.
Sold 3.2M Shares For Drug Launch
To get ready for commercial launch, Candel just raised $15 million through a direct offering, selling 3.2 million shares to institutional investors and board members. That cash will fund marketing, launch planning, and medical education ahead of the drug’s approval push.
The company already has more cash than debt, a current ratio of 4.64, and a market cap of $245.5 million, decent footing for a small-cap biotech trying to break into a $10 billion+ market.
They’ve also made leadership changes, with Charles Schoch stepping in as full-time CFO and Dr. Maha Radhakrishnan joining the board, signalling a ramp-up in strategic planning and financial direction.
And just this week, Candel was added to the Russell Microcap Value Index, which brings extra visibility and potential institutional buying.
The market may be sleeping on CADL for now, but with strong trial data, FDA support, and fresh funding, this tiny biotech could push way above its weight. Whether it hits $23 or not, one thing’s clear: it’s not one to ignore.
