Gary Pace, a director at Cardiff Oncology, Inc. (NASDAQ:CRDF), has recently increased his holdings in the company by purchasing a substantial amount of common stock. According to a recent SEC filing, Pace acquired a total of 361,615 shares on December 11, 2024, at a price of $2.60 per share. The total value of these transactions amounts to approximately $940,199. The purchase comes as Cardiff's stock has shown remarkable momentum, with a 58% surge in the past week alone. Based on InvestingPro analysis, the stock is currently trading above its Fair Value, with the company maintaining a strong cash position relative to its debt.
The acquisition includes 350,115 shares purchased directly by Pace, while an additional 11,500 shares were acquired indirectly through a minor child. Following these transactions, Pace's total ownership in Cardiff Oncology has increased to 1,059,376 shares, representing a significant stake in the company's $165 million market capitalization. Want deeper insights? InvestingPro subscribers have access to 14 additional ProTips and a comprehensive research report on Cardiff Oncology.
In other recent news, Cardiff Oncology, Inc. has made significant strides in its financial and research endeavors. The biotechnology firm priced its public stock offering at $2.60 per share, with the aim of raising approximately $40 million before fees and expenses. The funds from this offering are intended for clinical trial costs of onvansertib, the company's leading drug candidate for the treatment of RAS-mutated metastatic colorectal cancer, and for general corporate purposes. TD Cowen, William Blair, H.C. Wainwright & Co., and Craig-Hallum are managing and co-managing the offering.
In addition to its financial endeavors, Cardiff Oncology has secured a U.S. patent for the method of using onvansertib in combination with bevacizumab in the treatment of KRAS mutated metastatic colorectal cancer. The patent extends through 2043 and covers the use of onvansertib, a Polo-like kinase 1 inhibitor, with bevacizumab for patients who have not been treated previously with bevacizumab.
These developments are part of recent activities at Cardiff Oncology. However, the company cautions that forward-looking statements are not guarantees of future performance and that actual results could differ materially.
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