Freedom Broker analyst Ilya Zubkov raised the price target on Candel Therapeutics Inc. (NASDAQ: CADL) to $15.00 (from $14.00) while maintaining a Buy rating.

The analyst comments "The key event of the quarter was the start of patient enrollment in the global registrational Phase III AURORA trial of CAN-2409 in NSCLC, alongside the publication of pivotal Phase III data that strengthened our confidence in the drug's approval potential. The company confirmed plans to file a BLA for CAN-2409 in localized prostate cancer in Q4'26 and continues to guide to a potential commercial launch in 2027. Operating expenses came in above our estimates, though the increase was largely anticipated given the active stage of development, and the cash runway outlook remains unchanged. Following the positive clinical data, we modestly raised the likelihood of approval, which improved the program's expected financial outlook. As a result, we raise our price target on CADL to $15 from $14 and reiterate our Buy rating, reflecting the substantial potential of CAN-2409 and CAN-3110 (linoserpaturev) in oncology."