On Friday, Piper Sandler exhibited confidence in Cardiff Oncology (NASDAQ:CRDF) shares by raising the price target on the company's stock to $10.00 from the previous $7.00 while maintaining an Overweight rating. The adjustment followed the release of initial data from Cardiff's ongoing randomized Phase II trial of onvansertib for first-line RAS-mutated metastatic colorectal cancer (mCRC).
The data revealed that onvansertib, when used in combination with standard chemotherapy and bevacizumab, showed a 64% objective response rate (ORR) at the 30 mg dose, compared to a 33% ORR in the control arm. This indicates not only a higher response rate but also a greater depth of tumor reductions.
Cardiff Oncology has now enrolled approximately 60 patients out of the planned 90 for the study. Further updates are anticipated in the first half of 2025, with the potential for an accelerated path to registrational development based on the outcomes.
The analyst highlighted that the recent data builds upon the positive results from the ONSEMBLE dataset earlier in the year, reinforcing the belief in onvansertib's additive benefit. The anticipation is that these results could lead to progression-free survival (PFS) and overall survival (OS) benefits.
The decision to raise the price target reflects a reduced discount rate in light of the perceived decreased risk associated with the development of onvansertib. Piper Sandler's stance remains Overweight, signaling a bullish outlook on the stock's potential performance.
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