Cantor Fitzgerald initiated coverage of Candel Therapeutics with an Overweight rating. The firm is highly bullish on Candel, arguing the stock is deeply undervalued based on a DCF suggesting about $30/share and $2.4B peak sales potential in localized prostate cancer, the analyst tells investors in a research note. The investment case is supported by positive Phase 3 DFS data, regulatory clarity via a Special Protocol Agreement, limited competition, tolerable safety profile, and additional upside from a lung cancer program entering Phase 3, the firm says.
