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Investing.com - H.C. Wainwright has reduced its price target on Cardiff Oncology (NASDAQ:CRDF) to $10.00 from $18.00 while maintaining a Buy rating on the stock. Currently trading at $2.57, the clinical-stage biotech company has a market capitalization of $171 million, with analyst targets ranging from $3.50 to $19.00.
The adjustment follows Cardiff Oncology’s presentation of updated results from its CRDF-004 trial last week, which showed that onvansertib 30mg plus standard of care achieved a 49% confirmed objective response rate (n=37) compared to 30% for the standard of care arm (n=37).
This 19% delta represents a decline from initial results presented last year, which had shown a 64% objective response rate (n=11) for onvansertib 30mg plus standard of care versus 33% for the standard of care arm (n=9).
H.C. Wainwright noted ECOG performance status imbalances between the treatment groups, with 61% of patients in the combination arm having ECOG 0 status compared to only 35% in the control arm.
Due to these factors, the firm has reduced its probability of approval for onvansertib to 25% from the previous 40%, despite early progression-free survival data suggesting a benefit in the preliminary dataset.
In other recent news, Cardiff Oncology Inc reported its second-quarter earnings, which fell short of analyst expectations. The company posted a loss of $0.21 per share, while analysts had projected a loss of $0.19 per share. Despite the earnings miss, Cardiff Oncology’s revenue surpassed estimates, coming in at $120,000 compared to the anticipated $96,430. The company’s operating expenses rose to $14.9 million, an increase from $12.7 million in the same period last year. These recent developments have drawn significant attention from investors and analysts alike.
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