William Blair analyst Andy T. Hsieh reiterated an Outperform rating on Cardiff Oncology (NASDAQ: CRDF)

The analyst commented, "When considering the totality of data presented to date, we believe that onvansertib is active and, based on updated data presented earlier this year, exhibits an additive effect to the FOLFIRI standard of care in mCRC. However, considering our prior conversations with KOLs, FOLFIRI accounts for the minority (roughly 30%) of frontline patients in the United States. In our view, this could pose an adoption headwind, pending future clinical and regulatory success. We look forward to the detailed data release (slated to occur around midyear), along with longer follow-up and a biologically plausible explanation of the differences in efficacy outcome between FOLFOX- and FOLRIFI-based combination regimens. The company will also announce a detailed regulatory strategy at that time. We recognize the skepticism surrounding onvansertib’s future potential and also acknowledge that Cardiff will likely seek dilutive funding or partnership opportunities to fund the pivotal study for onvansertib. However, we believe that the current valuation reflects a positive risk/reward scenario, especially given that more detailed data will be presented in the near term. Therefore, we reiterate our Outperform rating on Cardiff shares."

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Shares of Cardiff Oncology closed at $1.73 yesterday.