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SAN DIEGO - Cardiff Oncology, Inc. (NASDAQ:CRDF) has appointed Roger Sidhu, MD, as Chief Medical Officer, replacing Dr. Fairooz Kabbinavar who will remain with the company in an advisory role, according to a press release statement. The clinical-stage biotech company, currently valued at approximately $247 million, maintains a strong financial position with more cash than debt on its balance sheet, according to InvestingPro data.
Dr. Sidhu brings over 20 years of oncology leadership experience to the clinical-stage biotechnology company. He previously served as Chief Medical Officer and acting CEO at Treadwell Therapeutics, and spent nearly a decade at Amgen where he led multiple Phase 3 clinical trials for panitumumab in metastatic colorectal cancer (mCRC).
Cardiff Oncology also announced it will share additional clinical data from its randomized Phase 2 CRDF-004 trial on July 29. The trial is evaluating onvansertib in combination with standard of care for the treatment of first-line RAS-mutated mCRC.
"Dr. Sidhu is a respected clinician and seasoned executive with a proven track record of advancing innovative therapies through late-stage clinical development across multiple therapeutic areas including in first-line mCRC," said Mark Erlander, Chief Executive Officer of Cardiff Oncology. The appointment comes at a crucial time for the company, which InvestingPro analysis shows is experiencing significant stock volatility, with shares down over 10% in the past week despite showing a strong 44% gain over the past year.
In connection with his appointment, Dr. Sidhu received non-qualified stock options to purchase 600,000 shares of Cardiff Oncology common stock at an exercise price of $3.86 per share. The options vest over four years, with 25% vesting after 12 months and the remainder vesting monthly over the following 36 months. According to InvestingPro’s Fair Value analysis, the stock is currently trading near its Fair Value, with additional insights available in the comprehensive Pro Research Report, which covers over 1,400 US stocks.
Cardiff Oncology is developing onvansertib, a PLK1 inhibitor, for various cancer indications including RAS-mutated mCRC, metastatic pancreatic ductal adenocarcinoma, small cell lung cancer, and triple negative breast cancer. While the company maintains a healthy current ratio of 6.22, indicating strong short-term liquidity, investors should note that the company is currently in its development phase and is not yet profitable, with analysts anticipating continued sales decline in the current year.
In other recent news, Cardiff Oncology announced positive results from a Phase 1b clinical trial for onvansertib combined with paclitaxel, targeting metastatic triple-negative breast cancer. The trial reported a 40% objective response rate at the highest dose, with the combination therapy being well-tolerated. H.C. Wainwright raised its price target for Cardiff Oncology to $18.00, maintaining a Buy rating, reflecting optimism about the company’s CRDF-004 trial in colorectal cancer. Piper Sandler also initiated coverage with an Overweight rating and a $10.00 price target, citing promising interim results from the same study. The financial stability of Cardiff Oncology was highlighted, with cash reserves projected to fund operations into 2027. Lucid Capital Markets set a $14.00 price target, noting the competitive edge of onvansertib in treating RAS-mutated metastatic colorectal cancer. Cardiff Oncology’s ongoing research in various cancer types, including pancreatic and small cell lung cancers, is seen as adding potential value. These developments underscore the company’s focus on expanding the clinical applications of onvansertib.
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