Maxim Group transferred coverage of Cardiff Oncology (NASDAQ:CRDF) to analyst Naureen Quibria, Ph.D., with a “buy” rating and $20 price target. The stock closed at $5.76 on Aug. 6.
Cardiff’s PLK inhibitor, onvansertib, has ongoing studies in several metastatic cancers in combination with standard of care: in colorectal cancer patients with KRAS mutations (mCRC); in castration-resistant prostate cancer; and another recently initiated in pancreatic ductal adenocarcinoma.
“Important to note is that while others are assessing specific KRAS mutations in mCRC (such as MRTX849 in KRAS G12C, which covers only 4% of mCRC), onvansertib is KRAS-mutation agnostic (applicable to 50% of mCRC),” Dr. Quibria writes.
“Data in 2L KRAS-mutant mCRC has been compelling to date albeit in a small cohort (ORR 39% in 18 evaluable patients),” she said, adding that the next update is on Sept. 8.
Dr. Quibria said Cardiff has $140-million in cash, and limited financing risk and cash burn of about $6-million a quarter. “We see this as an attractive entry point ahead of the next key catalyst on Sept. 8,” she added.
