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Candel Therapeutics Stock Jumps on BofA Securities Upgrade to 'Buy'
Shares of Candel Therapeutics Inc. (NASDAQ: CADL) jumped on Monday after BofA Securities upgraded the biotechnology company to 'Buy' from a previous 'Neutral' rating. The positive revision sent the company's stock up 9.3% in pre-market trading.
Upgrade Details
BofA Securities analyst Alec Stranahan raised the firm's price target on Candel Therapeutics to $18.00 per share, a significant increase from the previous target of $12.00. The upgrade reflects a more optimistic outlook on the company's prospects.
This change was part of a broader H2 2026 outlook report on the biotechnology sector released by the investment bank. For investors, such a substantial upgrade and price target hike from a major firm like BofA can signal increased confidence in a company's future performance and pipeline.
AdAnalyst Rationale
In the research note, Stranahan specifically highlighted Candel Therapeutics among several stocks being re-rated due to potential near-term events. The analyst pointed to key regulatory developments and data catalysts as primary drivers for the more favorable view.
The note also conveyed a bullish stance on the biotech sector as a whole for 2026. Stranahan emphasized that the sector is poised to be a top performer, with 'continued improvement in participation from various investor groups' expected to provide additional upward momentum.
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