NEEDHAM, Mass. - Candel Therapeutics, Inc. (NASDAQ: CADL), a biopharmaceutical company specializing in cancer immunotherapies, is slated for inclusion in the Russell 3000 Index starting July 1, 2024, as per the recent announcements from the annual reconstitution of the Russell US Indexes. This development follows the preliminary list of additions published on May 24, 2024, and reflects the company's market capitalization growth.
The Russell 3000 Index, which is reconstituted annually, captures the 4,000 largest US stocks by market capitalization. Candel's inclusion signifies its automatic entry into either the large-cap Russell 1000 or the small-cap Russell 2000 Index, along with corresponding growth and value style indexes. FTSE Russell, the global index provider responsible for the Russell indexes, bases its membership on objective market-capitalization rankings and style attributes.
Candel Therapeutics' President and CEO, Paul Peter Tak, noted that joining the Russell 3000 Index underscores the progress the company has made in its clinical programs and discovery efforts. He emphasized that the inclusion could enhance investor visibility and support the company's mission to develop novel immunotherapies for patients with significant unmet medical needs.
Candel is currently advancing its clinical stage multimodal biological immunotherapy platforms. Its lead product candidate, CAN-2409, is undergoing clinical trials for various cancers, including non-small cell lung cancer and pancreatic ductal adenocarcinoma. The company has also received Fast Track Designation from the FDA for several of its programs.
The inclusion in the Russell 3000 Index is expected to provide Candel with greater exposure to institutional investors and investment managers who use these indexes for benchmarking and as a basis for index funds. As of December 2023, approximately $10.5 trillion in assets were benchmarked against Russell US indexes.
The information in this article is based on a press release.
In other recent news, Candel Therapeutics has been making significant strides in the development of its cancer therapies. Candel's investigational therapy, CAN-3110, has been granted Orphan Drug Designation by the FDA for the treatment of recurrent high-grade glioma, a form of aggressive brain cancer. The therapy, which showed promise in early clinical trials, is currently undergoing a phase 1b multi-institutional clinical trial.
In addition to CAN-3110, Candel's CAN-2409 has shown promising results in clinical trials for non-small cell lung cancer and pancreatic cancer.
Candel continues to evaluate the efficacy of these therapies in ongoing clinical trials, aiming to provide new therapeutic options for cancer patients.
InvestingPro Insights
As Candel Therapeutics, Inc. (NASDAQ: CADL) prepares to join the ranks of the Russell 3000 Index, a closer look at the company's financial health and stock performance through InvestingPro reveals a mixed picture. Despite the positive outlook from the index inclusion, Candel faces challenges reflected in its financial data and market performance.
InvestingPro data indicates that Candel has a market capitalization of $209.18 million, which has likely contributed to its inclusion in the index. However, the company's financials show signs of strain with a negative gross profit of $22.38 million over the last twelve months as of Q1 2024, and an operating income adjusted to a loss of $36.66 million in the same timeframe. The Price / Book ratio stands at a high 34.99, suggesting the stock may be overvalued relative to the company's book value.
On the performance front, Candel's stock has experienced high volatility, with a significant three-month price total return of 318.45% as of the same period, but also a steep one-week price total return decline of -12.56%. The InvestingPro Tips highlight that the stock has taken a substantial hit over the last week and has been trading with high price volatility, which could be a concern for potential investors.
Investors interested in a deeper analysis of Candel Therapeutics can find additional insights on InvestingPro, where there are currently 13 more InvestingPro Tips available. These tips could provide valuable context for the company's financial data and stock performance. For those considering an in-depth investment analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/CADL.
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