Candel Therapeutics, Inc. (NASDAQ:CADL) shares are down during Friday’s premarket session as the company announced the pricing of a public offering.
The stock’s decline follows news that Candel intends to use the proceeds from the offering to support critical launch readiness and ongoing development costs for its cancer therapies.
Equity Raise
Candel Therapeutics priced an underwritten public offering of around 18.35 million shares at $5.45 per share, aiming to raise approximately $100 million before expenses.
The offering is expected to close on or about February 23.
In addition to funding launch readiness for its lead product candidate, aglatimagene besadenovec (CAN-2409), the company will also allocate resources towards ongoing development costs related to its phase 3 trial in non-small cell lung cancer (NSCLC).
This strategic move highlights Candel’s commitment to advancing its pipeline of viral immunotherapies.
Lead Asset Overview
In an oral presentation at the 2025 ASTRO Annual Meeting, Candel Therapeutics presented subgroup analyses focused on the radiation regimen used during its phase 3 trial of CAN-2409 in patients with intermediate-to-high-risk localized prostate cancer.
CAN-2409 demonstrated statistically significant improvement in prostate cancer-specific disease-free survival (Hazard Ratio (HR) 0.62; p=0.0046). Effects were observed with both moderate hypo-fractionated and conventional external beam radiation therapy.
Technical Analysis
Currently, the stock is trading 10.4% below its 20-day and 50-day simple moving averages (SMA), indicating bearish momentum. Shares have decreased by 51.27% over the past 12 months and are positioned closer to their 52-week lows than highs.
The RSI is at 54.02, which is considered neutral territory, suggesting that the stock is neither overbought nor oversold. Meanwhile, the MACD shows a value of -0.0157, with the signal line at -0.0165, indicating a bullish crossover as the MACD is above the signal line.
The combination of neutral RSI and bullish MACD suggests mixed momentum, indicating that while the stock may not be in a strong trend, there is potential for upward movement.
- Key Resistance: $5.50
- Key Support: $5.00
Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $15.77. Recent analyst moves include:
- Stephens & Co.: Overweight (Maintains Target to $15.00) (December 8, 2025)
- Citigroup: Buy (Lowers Target to $24.00) (November 14, 2025)
- Stephens & Co.: Initiated with Overweight (Target $15.00) (October 28, 2025)
CADL Price Action: Candel Therapeutics shares were down 11.43% at $5.27 during premarket trading on Friday, according to Benzinga Pro data.
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