Candel Therapeutics, Inc. (NASDAQ:CADL), a biotech company with a market capitalization of approximately $148 million, recently disclosed that its Chief Technology Officer, Tyagarajan Seshu, sold a portion of his holdings in the company. According to the SEC filing, Seshu sold 20,392 shares of common stock on November 29, 2024, at a price of $4.5556 per share, totaling approximately $92,897. The stock has shown remarkable performance, gaining over 210% year-to-date according to InvestingPro data.
This transaction was executed to cover tax withholding obligations related to the vesting and settlement of restricted stock units, as per the company's mandatory sell-to-cover policy. Following this sale, Seshu retains direct ownership of 125,657 shares in the company. The sale does not reflect discretionary actions by Seshu, as it was necessitated by internal company policy. InvestingPro analysis reveals that while the company's financial health is currently rated as weak, there are 8 additional key insights available to subscribers.
In other recent news, Milestone Pharmaceuticals (NASDAQ:MIST) has announced the appointment of Joseph Papa to its Board of Directors. Papa, a seasoned pharmaceutical industry leader, brings with him extensive experience from roles at Bausch + Lomb, Bausch Health (TSX:BHC), and Perrigo among others. His appointment is expected to contribute to the company's strategic direction, especially as it anticipates the potential approval of its investigational drug, CARDAMYST™. This drug, a self-administered nasal spray, is designed to treat paroxysmal supraventricular tachycardia (PSVT), a heart condition known for its episodic and symptomatic attacks.
In other recent developments, Candel Therapeutics has reported a growth in market capitalization reflected in its recent earnings and revenue results. This has led to the company's inclusion in the Russell 3000 Index, which is expected to enhance its investor visibility. Candel Therapeutics' investigational therapy, CAN-3110, has also been granted Orphan Drug Designation by the FDA for the treatment of recurrent high-grade glioma. Additionally, the company's immunotherapy candidate, CAN-2409, has shown promising results in clinical trials for non-small cell lung cancer and pancreatic cancer, resulting in another Orphan Drug Designation for the treatment of pancreatic cancer.
Both Milestone (WA:MMD) Pharmaceuticals and Candel Therapeutics are making significant strides in their respective fields, with the former bolstering its leadership team and the latter making headway in its cancer therapies. These are among the recent developments that continue to shape the landscape for these companies.
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