H.C. Wainwright analyst Robert Burns has reiterated their bullish stance on CRDF stock, giving a Buy rating on July 30.
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Robert Burns has given his Buy rating due to a combination of factors, despite the increased risk profile for onvansertib following the latest clinical data. The updated results from the CRDF-004 trial showed a decrease in overall response rate for onvansertib when compared to previous data, but still demonstrated a notable improvement over the standard of care. This suggests potential, albeit with a reduced probability of approval, which was adjusted from 40% to 25%.
Financially, Cardiff Oncology’s recent performance aligns closely with expectations, and the company maintains a solid cash position that should support operations into early 2027. The valuation of Cardiff is based on a discounted cash flow analysis, leading to a revised 12-month price target of $10 per share. While there are risks such as potential clinical setbacks and market penetration challenges, the overall assessment supports a Buy rating.