CAND shot to its highest levels since September 2021
Candel Therapeutics Inc (NASDAQ:CADL) is soaring today, up 164% at $12.17 at last glance and earlier hitting a three-year high of $14.60, after the biotech company's prostate cancer immunotherapy treatment, CAN-2409, met its goal in a late-stage study. Combined with radiation therapy, it significantly improved the time patients lived without signs or symptoms of the cancer.
On the charts, CADL inched above its mid-May peak to mark its highest levels since September 2021. And before today, the 320-day moving average provided close support this month. On the short sell restricted (SSR) list today amid the volatility, CADL is up 658% since the start of 2024.
Candel Therapeutics stock's typically quiet options pits are bustling in response. So far, 3,393 calls and 4,969 puts have been exchanged, which is 8.7 times the average daily options volume already. The January 2025 15-strike call is the most popular, with new positions being bought to open there.
Meanwhile, short interest is up 27.8% over the past month and accounts for 9.2% of the stock's available float. With these shorts now underwater, short covering will likely follow.