In a report released today, Robert Burns from H.C. Wainwright reiterated a Buy rating on Cardiff Oncology (CRDF – Research Report), with a price target of $18.00.
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Robert Burns’s rating is based on several compelling factors. Firstly, the recent decline in Cardiff Oncology’s stock price, following the announcement of a delay in clinical data release, presents an attractive entry point for investors. This delay is strategic, allowing for more comprehensive data collection, which could mitigate risks associated with unconfirmed responses. Additionally, initial trial results have shown promising efficacy of onvansertib in combination with standard care, surpassing the benchmark for success and indicating a potential paradigm shift in treating RAS-mutated colorectal cancer.
Furthermore, the market for KRAS+ colorectal cancer remains underserved, and onvansertib’s positive results across the KRAS mutation spectrum could position Cardiff Oncology as a leader in this space. This, coupled with a favorable valuation using a discounted cash flow approach, supports the Buy rating. However, potential risks such as clinical trial outcomes and market penetration rates are noted, but the overall outlook remains positive with a 12-month price target of $18 per share.