As previously reported, Craig-Hallum downgraded Cardiff Oncology to Hold from Buy with a price target of $2, down from $10. The firm notes the company presented an update from onvansertib's ongoing Phase II study in first line RAS-mutated metastatic colorectal cancer at Asco. The median progression-free survival in the onvansertib 30 mg plus FOLFIRI/bevacizumab arm was not reached, compared to 11.22 months in the FOLFIRI/bevacizumab control arm, with a hazard ratio of 0.57. Although the sample size was small, the positive progression-free survival data supports advancing to the planned Phase III study. Craig-Hallum is moving to the sidelines as it believes the pending litigation around the license agreement dispute creates an overhang on near-term financing plans to initiate the Phase III study.
