Candel Therapeutics, Inc.

CADL • NASDAQ

Candel Therapeutics, Inc. is a biotechnology company in the healthcare sector on NASDAQ, led by Charles Schoch, with a market cap of $348.6M. As of Q3 2025, 41% of shares are held by 80 institutional investors, with FMR LLC as the largest holder at 15.0%.

Interim CEOCharles Schoch

Market Cap$348.6M

Biotechnology

Healthcare

Employees42.0

Websitecandeltx.com

Country

United States of America

Overview

Overview of institutional ownership in CADL as of Q3 2025 with a market cap of $280.0M

All Institutions

Institutions: 80
Value Held: $115.5M
Shares Held: 22.7M
Avg Position: $1.4M
Median Position: $134.1K

Hedge Funds

Hedge Funds: 9
Value Held: $10.6M
Shares Held: 2.1M
Avg Position: $1.2M
Median Position: $306.0K

Ownership Breakdown

Institutional (non-HF)

37.48%

$104.9M

Hedge Funds

3.79%

$10.6M

Retail & Other

58.73%

$164.4M

Based on market cap of $280.0M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CADL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
FMR LLC Institution	-	$42.0M 0.00% of portfolio	15.00% 8.2M shares	Q3 2024 Held for 1y 2m	$1.92T
A ACORN CAPITAL ADVISORS, LLC Venture Capital	Anthony Michael Gallo CCO	$13.2M 6.68% of portfolio	4.70% 2.6M shares	Q4 2024 Held for 11 months	$197.0M
B BlackRock, Inc. Institution	-	$12.1M 0.00% of portfolio	4.33% 2.4M shares	Q3 2021 Held for 4y 2m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$10.2M 0.00% of portfolio	3.66% 2.0M shares	Q3 2021 Held for 4y 2m	$6.69T
Portolan Capital Management, LLC Hedge Fund•Long/Short	George Frederic Mccabe CIO	$7.1M 0.38% of portfolio	2.52% 1.4M shares	Q4 2024 Held for 11 months	$1.8B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$4.7M 0.00% of portfolio	1.69% 928.2K shares	Q3 2021 Held for 4y 2m	$1.57T
Halter Ferguson Financial Inc. RIA/Wealth	Bradford Scott Ferguson President	$3.6M 0.86% of portfolio	1.27% 698.0K shares	Q3 2024 Held for 1y 2m	$411.9M
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$3.5M 0.00% of portfolio	1.25% 688.8K shares	Q3 2021 Held for 4y 2m	$2.88T
Sands Capital Ventures, LLC Venture Capital	Ian W Ratcliffe Managing Partner	$2.1M 0.45% of portfolio	0.74% 405.8K shares	Q3 2021 Held for 4y 2m	$456.4M
NORTHERN TRUST CORP Institution	Michael G. O'Grady CEO	$1.6M 0.00% of portfolio	0.56% 306.8K shares	Q4 2021 Held for 3y 11m	$782.01B

Net Capital Flow

Institutional buying and selling activity for CADL in Q3 2025

Traded: −$1.8M
Buyers: 42
Sellers: 35
Total Bought: +$6.7M
Total Sold: −$8.5M
Avg Position: $1.3M

Biggest Buyers

Institution	Net Bought	Current Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$1.3M +252.3K shares	$1.3M 252.3K shares
VANGUARD GROUP INC Institution	+$1.1M +219.6K shares	$10.2M 2.0M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$697.0K +136.7K shares	$697.0K 136.7K shares
N Nuveen, LLC Institution	+$597.6K +117.2K shares	$1.1M 209.7K shares
Kovitz Investment Group Partners, LLC RIA/Wealth	+$404.5K +79.3K shares	$404.5K 79.3K shares
B BlackRock, Inc. Institution	+$395.2K +77.5K shares	$12.1M 2.4M shares
Lido Advisors, LLC RIA/Wealth	+$307.0K +60.2K shares	$307.0K 60.2K shares
H HB Wealth Management, LLC Institution	+$297.6K +58.3K shares	$297.6K 58.3K shares
STATE OF WISCONSIN INVESTMENT BOARD RIA/Wealth	+$275.6K +54.0K shares	$275.6K 54.0K shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$263.4K +51.6K shares	$703.2K 137.9K shares

Biggest Sellers

Institution	Net Sold	Current Position
B BAKER BROS. ADVISORS LP Hedge Fund•Sector	−$1.8M −355.1K shares	Sold Off 0 shares
Portolan Capital Management, LLC Hedge Fund•Long/Short	−$1.2M −237.6K shares	$7.1M 1.4M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$1.2M −233.1K shares	$694.2K 136.1K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$827.8K −163.6K shares	Sold Off 0 shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$660.3K −129.5K shares	$1.1M 223.8K shares
Halter Ferguson Financial Inc. RIA/Wealth	−$400.4K −78.5K shares	$3.6M 698.0K shares
X XTX Topco Ltd Institution	−$377.6K −74.6K shares	Sold Off 0 shares
Marshall Wace LLP Institution	−$293.9K −57.6K shares	$529.6K 103.8K shares
L LPL Financial LLC Institution	−$237.1K −46.5K shares	$109.2K 21.4K shares
GOLDMAN SACHS GROUP INC Institution	−$221.3K −43.4K shares	$183.7K 36.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CADL in Q3 2025

New Positions: 8
New Value: $678.7K
Exited Positions: 12
Exited Value: $3.7M

New Positions

Institution	Position Value
Lido Advisors, LLC RIA/Wealth	$307.0K 60.2K shares
STATE OF WISCONSIN INVESTMENT BOARD RIA/Wealth	$275.6K 54.0K shares
Q Quadrature Capital Ltd Institution	$70.5K 13.8K shares
Q Quarry LP Institution	$21.4K 4.2K shares
O Optiver Holding B.V. Institution	$3.3K 656.0 shares
PNC FINANCIAL SERVICES GROUP, INC. Institution	$326.0 64.0 shares
SRS Capital Advisors, Inc. RIA/Wealth	$275.0 54.0 shares
Sunbelt Securities, Inc. RIA/Wealth	$138.0 27.0 shares

Exited Positions

Institution	Previous Position
B BAKER BROS. ADVISORS LP Hedge Fund•Sector	$1.8M 355.1K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$827.8K 163.6K shares
X XTX Topco Ltd Institution	$377.6K 74.6K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	$184.6K 36.5K shares
C Cubist Systematic Strategies, LLC Institution	$144.1K 28.5K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	$125.5K 24.8K shares
Private Advisor Group, LLC RIA/Wealth	$105.0K 20.8K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$97.5K 19.3K shares
ING INVESTMENT MANAGEMENT LLC Insurance Manager	$55.6K 11.0K shares
Caitong International Asset Management Co., Ltd RIA/Wealth	$11.4K 2.3K shares

Options Activity

Institutions with the largest Call and Put options positions in CADL as of Q3 2025

Call Positions: 3
Call Value: $1.6M
Put Positions: 2
Put Value: $647.7K

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$631.9K 1.2K contracts
J JANE STREET GROUP, LLC Institution	$563.0K 1.1K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$401.9K 788.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$477.9K 937.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$169.8K 333.0 contracts

Most Committed Institutions

Institutions with CADL as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
A ACORN CAPITAL ADVISORS, LLC Venture Capital	Anthony Michael Gallo CCO	6.68% $13.2M	4.70% 2.6M shares	Q4 2024 Held for 11 months	$197.0M
Halter Ferguson Financial Inc. RIA/Wealth	Bradford Scott Ferguson President	0.86% $3.6M	1.27% 698.0K shares	Q3 2024 Held for 1y 2m	$411.9M
Sands Capital Ventures, LLC Venture Capital	Ian W Ratcliffe Managing Partner	0.45% $2.1M	0.74% 405.8K shares	Q3 2021 Held for 4y 2m	$456.4M
Portolan Capital Management, LLC Hedge Fund•Long/Short	George Frederic Mccabe CIO	0.38% $7.1M	2.52% 1.4M shares	Q4 2024 Held for 11 months	$1.8B
B Birchview Capital, LP Hedge Fund•Value	Matthew William Strobeck CIO	0.23% $306.0K	0.11% 60.0K shares	Q4 2024 Held for 11 months	$130.3M
Tanager Wealth Management LLP RIA/Wealth	Kristopher Karr Heck Managing Partner	0.11% $1.0M	0.36% 198.2K shares	Q2 2025 Held for 5 months	$952.4M
Taylor Financial Group, Inc. RIA/Wealth	Marvin William Taylor Chairman	0.04% $69.4K	0.02% 13.6K shares	Q1 2025 Held for 8 months	$173.8M
E EntryPoint Capital, LLC Hedge Fund•Long/Short	Lawrence Edward Leibowitz CEO	0.04% $95.4K	0.03% 18.7K shares	Q1 2025 Held for 8 months	$258.4M
B BRIDGEWAY CAPITAL MANAGEMENT INC Long Only Manager	John Noland Ryan Montgomery CEO	0.01% $281.0K	0.10% 55.1K shares	Q1 2022 Held for 3y 8m	$4.7B
Q Quarry LP Institution	-	0.01% $21.4K	0.01% 4.2K shares	Q3 2025 Held for 2 months	$369.0M

Hedge Fund Spotlight

Discover hedge funds investing in CADL

CITADEL ADVISORS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerKenneth Cordele Griffin

Portfolio Value: $122.08B
Positions: 5,531
Last Reported: Q3 2025

Sector Allocation

Position in Candel Therapeutics, Inc.

Market Value: $1.3M
Shares Held: 252.3K
Portfolio Weight: 0.00%
Owned Since: 2022-Q3

Top Holding	Sector	Market Value	Weight
1 Microsoft MSFT	Software - Infrastructure Technology	$2.1B	1.68%
2 Nvidia NVDA	Semiconductors Technology	$1.8B	1.50%
3 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$1.4B	1.18%