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Candel Therapeutics Stock Jumps on Bank of America Upgrade to 'Buy'
Candel Therapeutics (NASDAQ: CADL) shares gained more than 7% in early trading after Bank of America issued a high-conviction upgrade, boosting the biotechnology firm's rating to "Buy" from a previous "Neutral."
The Analyst Catalyst
In a note to clients, Bank of America analyst Alec Stranahan raised the price target on Candel's stock to $18.00 from $12.00. The new target suggests significant potential upside from its recent trading levels. The upgrade was part of the investment bank's broader H2 2026 outlook for the biotech sector, which it identified as a key area of opportunity.
The move by Bank of America adds to a nearly unanimous bullish sentiment among Wall Street analysts covering the company. According to the source, Candel now has eight "Buy" ratings and one "Hold," with no "Sell" recommendations, a consensus that can amplify the market impact of positive research notes.
Pipeline and Market Context
The analyst's optimism is largely tied to a critical milestone for Candel's lead drug candidate, aglatimagene besadenovec. The company plans to submit a Biologics License Application (BLA) for the therapy in the fourth quarter of 2026.
AdThe submission will be for the treatment of localized, intermediate to high-risk prostate cancer, a market estimated to be worth between $10 billion and $16 billion, according to the report. This upcoming regulatory filing represents a major potential inflection point for the clinical-stage company.
Market Reaction
Following the news, Candel's stock rose 7.2% to hit $11.63 in early trading, with an intraday high of $11.86. The advance significantly outpaced the broader market, as the Nasdaq Composite gained 1.1% and the S&P 500 rose 0.7%, indicating the rally was driven by company-specific news rather than general market sentiment.
The surge pushes the stock further from its 52-week low of $4.35 and back toward the upper end of its annual trading range.
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