Following a disappointing second-quarter earnings report, Cardiff Oncology Inc. (NASDAQ:CRDF) experienced a 26.28% drop in its stock value during pre-market trading on Wednesday after reporting mixed Q2 earnings.
Check out the current price of CRDF stock here.
What Happened: The stock of the San Diego-based biotechnology company plummeted 11.26% during regular trading hours, closing at $3.31 on Tuesday, and is now trading at $2.44 as per Benzinga Pro data.
On Tuesday, Cardiff Oncology shared positive results from its ongoing Phase 2 cancer trial. Patients receiving a 30mg dose of onvansertib had a 49% response rate, compared to 30% in the control group.
The announcement of positive data from the ongoing CRDF-004 followed the release of the second-quarter earnings report.
Mark Erlander, Chief Executive Officer of Cardiff Oncology, affirmed, "In the second quarter, we achieved an important milestone by completing enrollment in our ongoing CRDF-004 trial evaluating onvansertib plus standard of care for the treatment of first-line RAS-mutated mCRC."
Erlander also welcomed Dr. Sidhu as our new Chief Medical Officer to provide expert guidance in advancing onvansertib.
Why It Matters: The company’s revenue exceeded expectations, but the missed earnings per share estimate led to a significant drop in the stock value.
Cardiff Oncology also reported cash and investments of $71.0 million as of June 30, 2025, projected runway into Q1 2027.
With a strong Momentum in the 89th percentile, Benzinga’s Edge Stock Rankings indicate that CRDF has a positive price trend across all time frames. Know how this lines up with other well-known names.
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