Cardiff Oncology defended at Baird despite cancer-data led selloff

Jan. 19, 2022 2:52 PM ETCardiff Oncology, Inc. (CRDF)By: Dulan Lokuwithana, SA News Editor3 Comments

Cancer cells vis

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  • Cardiff Oncology (CRDF -24.3%) recorded a new 52-week low today in reaction to the company’s newly-shared data from a Phase 1b/2 trial for onvansertib/ standard-of-care (SOC) combo in patients with KRAS-mutated metastatic colorectal cancer (mCRC).
  • However, Baird analysts Joel L. Beatty and Benjamin E. Paluch reiterated their Outperform rating on the stock, arguing that the efficacy of onvansertib remained strong in a larger group of mCRC patients.
  • Highlighting their bullish views, the analysts noted that the median progression-free survival (mPFS) of 9.4 months for 48 evaluable patients was unchanged from a previous update where mPFS stood at a similar level among 32 evaluable patients. It was also better than the historical mPFS of 4.5-5.7 months in a similar patient population, they added.
  • As the company plans to start pivotal studies in mid-2022, the duo has positive views on the probability of success for the experimental therapy. The price target of $19 per share indicates a premium of ~209.4% to the last close.
  • Read more on the previous data update from the study.
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