CADL Stock Heads For Worst Ever Session — Stifel Expects Prostate Cancer Drug Launch To Be Pushed to Mid-2028

• Canaccord lowered the price target on Candel to $13 from $25, but kept a ‘Buy’ rating, according to The Fly.
• Candel ended September with $203.1 million in cash, which is expected to fund operations into Q2 2028.
• Candel’s Q3 net loss widened amid increasing research, manufacturing and administrative expenses.

Shares of Candel Therapeutics (CADL) crashed more than 34% on Friday, putting the stock on track for its worst-ever session, as Wall Street weighed the impact of a delayed regulatory filing for the firm’s experimental prostate cancer treatment, which could delay the launch to 2028.

On Thursday, Candel said that ongoing discussions with the U.S. Food and Drug Administration (FDA) and refinements to additional testing have pushed its planned Biologics License Application (BLA) submission for Aglatimagene Besadenovec to mid-2027, from the fourth quarter (Q4) of 2026. The revised timeline remains subject to further FDA discussions.

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Stifel Sees Drug Launch Pushed To Mid-2028

The setback prompted price-target cuts on Wall Street, with Canaccord Genuity stating that the delay could stem from manufacturing and testing-related differences between the drug used in Phase 3 trials and the version intended for commercial production.

Canaccord lowered the price target on Candel to $13 from $25, but kept a ‘Buy’ rating, according to The Fly. The reduced target still represents a 140% upside from current levels.

According to Investing.com, Stifel also cut its price target on Candel to $19 from $22, citing delays in commercial timelines and expecting the drug’s launch to be pushed back to mid-2028. The brokerage also slightly lowered its estimate of the drug’s chances of regulatory approval and revised its assumptions about the company’s financing needs.

Third-Quarter Loss Widens Amid Higher Expenses

Candel’s third-quarter (Q3) net loss widened to $21.9 million from $11.3 million a year earlier, as research, manufacturing and administrative expenses grew. It ended September with $203.1 million in cash and cash equivalents, which management expects to fund operations into the second quarter (Q2) of 2028.

Beyond prostate cancer, Candel is studying Aglatimagene in non-small cell lung cancer via the Phase 3 Aurora trial. Its pipeline also includes Linoserpaturev, an experimental treatment for recurrent high-grade glioma, a form of brain cancer.

Retail Sees Buying Opportunity

Despite the pre-market slump, retail sentiment surrounding CADL on Stocktwits remained ‘extremely bullish’ over the past 24 hours, amid a 702% surge in message volumes.

One user saw “massive buying opportunity” at current levels.

CADL shares have shed about 8% so far in 2026.

Also read: Zevra’s Lead Drug Faces Potential European Setback – ZVRA Stock Heads For Worst Day In A Month

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