Cardiff Oncology Shares Plunge 35% Following CEO and CFO Resignations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2h ago
0mins
Source: seekingalpha
- Executive Departures: Cardiff Oncology's CEO Mark Erlander and CFO James Levine resigned, causing shares to plummet approximately 35% to a new 52-week low, indicating market concerns over leadership instability.
- Interim Leadership: The board appointed veteran biotech executive Mani Mohindru as interim CEO to replace Erlander, ensuring operational continuity during the executive transition period.
- Financial Stability: Brigitte Lindsay was promoted to Chief Accounting Officer to maintain the finance department's functionality, reflecting the company's commitment to financial management amid leadership changes.
- Clinical Trial Update: Cardiff announced plans to further test a 30 mg dose of its lead drug onvansertib in combination with FOLFIRI/bevacizumab, with a registrational trial expected to begin later this year pending FDA design confirmation, aiming to provide new treatment options for RAS-mutated metastatic colorectal cancer.
Analyst Views on CRDF
Wall Street analysts forecast CRDF stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CRDF is 13.67 USD with a low forecast of 10.00 USD and a high forecast of 19.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
6 Analyst Rating
6 Buy
0 Hold
0 Sell
Strong Buy
Current: 2.940
Low
10.00
Averages
13.67
High
19.00
Current: 2.940
Low
10.00
Averages
13.67
High
19.00
About CRDF
Cardiff Oncology, Inc. is a clinical-stage biotechnology company. It is leveraging PLK1 inhibition, a well-validated oncology drug target, to develop novel therapies across a range of cancers with unmet medical need. It is focused on clinical programs in indications, such as RAS-mutated metastatic colorectal cancer (mCRC), and in investigator-initiated trials in metastatic pancreatic ductal adenocarcinoma (mPDAC), small cell lung cancer (SCLC), and triple negative breast cancer (TNBC). Its lead drug candidate, Onvansertib, is an oral, small-molecule drug candidate that is highly specific for PLK1 inhibition with a 24-hour half-life. It has other ongoing and planned clinical trials of onvansertib: one trial (CRDF-004) in first-line treatment in patients with RAS-mutated mCRC, and investigator-initiated trials in first-line mPDAC, relapsed SCLC and unresectable locally advanced or metastatic TNBC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
