Investing.com - Jefferies initiated coverage on Cardiff Oncology (NASDAQ: CRDF ) with a Hold rating and a $3.50 price target on Monday.

The research firm cited promising early data for Cardiff’s onvansertib, a PLK1 inhibitor, in first-line RAS-mutant colorectal cancer, which represents approximately 50% of total colorectal cancer cases. The drug has demonstrated a roughly 24% objective response rate delta compared to control groups.

Jefferies noted that onvansertib has shown approximately 15 months progression-free survival in second-line treatment compared to historical results of 7-9 months. Despite these encouraging signals, the firm expressed caution about the early nature of the colorectal cancer data.

The research firm highlighted concerns about onvansertib’s mechanism of action, which it described as risky with prior failed studies. Jefferies also indicated that upcoming catalysts, including a July 29 data update and second-half 2025 events, may not provide sufficient insight into the drug’s efficacy.

Jefferies projects that meaningful durability data will likely not emerge until 2026, which could represent a potential inflection point for the company, and plans to reassess its rating following the July 29 data update.

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