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Investing.com - Ladenburg Thalmann initiated coverage on Cardiff Oncology (NASDAQ:CRDF), currently trading at $3.65 with a market cap of $243 million, with a Buy rating and a $19.00 price target on Tuesday. According to InvestingPro data, analyst targets range from $3.50 to $18.00, with strong consensus favoring a buy recommendation.
The firm’s bullish stance is based on the potential of Cardiff’s PLK1 inhibitor onvansertib to become a new treatment option for first-line KRAS and NRAS mutated colorectal cancer (CRC).
Ladenburg Thalmann also cited expectations for a planned update on July 29, which may clarify the tolerability profile and enable selection of an onvansertib dose for Phase III development.
For the July 29 update, the firm is looking for an objective response rate (ORR) of 60%+ for patients treated at the dose expected to move into Phase III development, rather than focusing on the pooled ORR for both onvansertib dose levels.
The firm expects the active control to generate a 40% ORR, suggesting onvansertib could demonstrate meaningful clinical improvement over existing treatments.
In other recent news, Cardiff Oncology has reported positive outcomes from its Phase 1b clinical trial for onvansertib in combination with paclitaxel, targeting metastatic triple-negative breast cancer. The trial, presented at the American Society of Clinical Oncology Annual Meeting, showed a 40% objective response rate at the highest dose, with the combination therapy being well-tolerated. Additionally, Cardiff Oncology announced the appointment of Roger Sidhu, MD, as its new Chief Medical (TASE:BLWV) Officer, bringing over 20 years of oncology leadership experience to the company. The company plans to share further clinical data from its Phase 2 CRDF-004 trial evaluating onvansertib for RAS-mutated metastatic colorectal cancer.
H.C. Wainwright has raised its price target for Cardiff Oncology to $18.00, maintaining a Buy rating, citing confidence in the company’s ongoing trials. Piper Sandler also initiated coverage with an Overweight rating and a $10.00 price target, highlighting promising interim results from the CRDF-004 study. Cardiff Oncology is preparing for discussions with the FDA for its Phase III CRDF-005 trial, anticipated to start in early 2026. The company’s financial stability was noted, with cash reserves projected to fund operations well into 2027.
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