Why did Cardiff Oncology Inc. (CRDF) stock plunge on Tuesday?

Cardiff Oncology Inc. (CRDF) shares plunged 16.94% in after-hours on Tuesday, January 18, 2022, and closed the daily trading at $5.10. Even in the regular trading session, CRDF’s stock lost 10.50%. The stock volume remained 0.64 million shares. CRDF shares have fallen 47.07% over the last 12 months, and they have moved down 6.69% in the past week. Over the past three months, the stock has lost 0.49%, while over the past six months, it has gained 6.97%.

Let’s have a brief look at its recent news and developments.

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New data about CRDF onvansertib

On January 18, 2022, Cardiff Oncology, Inc. (CRDF), reported new data from its lead clinical program evaluating onvansertib in combination with standard-of-care (SOC) FOLFIRI/bevacizumab for second-line treatment of patients with KRAS-mutated metastatic colorectal cancer (mCRC).

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The company is going to present the data at the American Society of Clinical Oncology Gastrointestinal Cancers Symposium (ASCOGI) on Saturday, January 22, 2022, in a poster presentation.

10% evaluable patients discontinued therapy to pursue potentially curative metastasis-directed therapy including 2 patients with SD. The combination of onvansertib and FOLFIRI/bevacizumab was shown to be well-tolerated with only 11% (84/788) of reported treatment-emergent adverse events.

CRDF new appointments

On January 11, 2022, Cardiff Oncology, Inc. (CRDF), appointed Tod Smeal, Ph.D., as a chief scientific officer (CSO) and Charles Monahan, RPh, as senior vice president, regulatory affairs.

Participation in the recent event

Cardiff Oncology, Inc. (CRDF), management participated at the H.C. Wainwright BioConnect Virtual Conference, which was held on January 10 – 13, 2022.

CRDF inducement grants

On December 3, 2021, Cardiff Oncology, Inc. (CRDF) awarded a non-qualified stock option to purchase an aggregate of 200,112 shares of its common stock to two new employees. The stock options were granted as inducements material to the new employees becoming employees of Cardiff Oncology following Nasdaq Listing Rule 5635(c)(4).

Pfizer investment in CRDF shares

On November 18, 2021, Pfizer Inc. (PFE) made a $15 million equity investment in Cardiff Oncology, Inc. (CRDF), as part of the Pfizer Breakthrough Growth Initiative, a program focused on funding innovative science to meet patient needs. According to a securities purchase agreement between the parties, Pfizer purchased 2.4 million shares of Cardiff Oncology’s common stock at $6.22 per share.

Cardiff Oncology will use net proceeds for its ongoing clinical programs in KRAS-mutated metastatic colorectal cancer, metastatic pancreatic ductal adenocarcinoma, and metastatic castrate-resistant prostate cancer, as well as to support onvansertib’s development in additional indications.

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Well, despite the latest positive news, Cardiff stock went down on Tuesday which is a bit strange. Let’s see whether it can come out of the negative zone or not on Wednesday?

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