Interactive Brokers shares jump as it secures spot in S&P 500
On Friday, H.C. Wainwright adjusted its price target for Cardiff Oncology (NASDAQ:CRDF), increasing it to $18.00 from the previous $17.00, while maintaining a Buy rating on the company’s stock. According to InvestingPro data, analysts maintain a strong buy consensus with price targets ranging from $10 to $20, suggesting significant upside potential from the current price of $2.63. The firm anticipates that by the end of June, Cardiff Oncology will present updated results from the CRDF-004 trial, which includes additional patients and extended follow-up data. This trial is focused on evaluating onvansertib in combination with chemotherapy and bevacizumab (Avastin) as a first-line treatment for RAS-mutated colorectal cancer (mCRC).
The CRDF-004 study has completed enrollment and is designed to enroll approximately 90 patients. These patients are being randomized in a 1:1:1 ratio to receive either the standard-of-care (SoC) treatments FOLFIRI/Avastin or FOLFOX/Avastin, SoC plus 20mg of onvansertib, or SoC plus 30mg of onvansertib. InvestingPro analysis shows the company maintains a strong liquidity position with a current ratio of 6.22, providing adequate runway for its clinical programs. Get access to 10+ additional ProTips and comprehensive financial metrics with InvestingPro. The trial’s success is gauged on achieving an objective response rate (ORR) delta of 20%.
Preliminary results from late last year indicated that the regimen including 30mg of onvansertib plus SoC achieved a 64% ORR, compared to a 33% ORR for the SoC arm. Based on these findings, if the 30mg onvansertib plus SoC continues to show a similar ORR delta, Cardiff Oncology’s management plans to convert the CRDF-004 study into a registrational trial. This could potentially pave the way for accelerated approval of onvansertib.
H.C. Wainwright’s analysts have expressed a strong positive outlook on the data for onvansertib combined with chemotherapy and bevacizumab, reinforcing their confidence in the drug’s potential within the mCRC indication. The firm’s reinforced Buy rating and price target increase reflect this optimism. While the company’s market cap stands at $175 million, InvestingPro’s Fair Value analysis indicates the stock is currently fairly valued. Discover detailed valuation metrics and access the comprehensive Pro Research Report covering Cardiff Oncology, along with 1,400+ other US stocks.
In other recent news, Cardiff Oncology has reported its financial results for the fourth quarter of 2024, highlighting its strategic focus on clinical trials and a robust cash position. The company completed a $40 million capital raise, bolstering its cash reserves to approximately $91.7 million, which is projected to fund operations into 2027. Piper Sandler initiated coverage on Cardiff Oncology with an Overweight rating, setting a price target of $10.00, while Lucid (NASDAQ:LCID) Capital Markets and H.C. Wainwright set higher targets of $14.00 and $17.00, respectively, both maintaining Buy ratings. Cardiff’s lead asset, onvansertib, a PLK1 inhibitor, has shown promising interim results in a Phase II trial for RAS-mutated metastatic colorectal cancer (mCRC), with further data expected in the first half of 2025. The company is preparing for discussions with the FDA regarding its Phase III trial design, which could potentially lead to accelerated approval. Analysts from Lucid Capital Markets predict that onvansertib could reach approximately $2.9 billion in peak sales, assuming continued positive clinical data. Additionally, Cardiff is exploring onvansertib’s potential in other cancers, including metastatic pancreatic ductal adenocarcinoma and triple-negative breast cancer. These developments underscore Cardiff Oncology’s ongoing efforts to advance its clinical programs and strengthen its market position.
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