BlackRock Inc. Acquires Shares of 972,873 Cardiff Oncology, Inc. $CRDF

Key Points

• BlackRock acquired 972,873 shares of Cardiff Oncology during the second quarter, worth approximately $1.27 million and representing about 1.42% of the company. Institutional investors collectively own 16.29% of CRDF.
• Cardiff Oncology insiders also bought shares, including 24,703 by CEO Mani Mohindru and 30,000 by director Gary W. Pace. Company insiders own 8.80% of the stock.
• Analyst sentiment has weakened, with several firms downgrading the stock; Cardiff currently has a consensus “Hold” rating and a $7.50 average price target. Shares opened at $1.09, while the company recently reported a quarterly loss of $0.14 per share.

BlackRock Inc. bought a new stake in shares of Cardiff Oncology, Inc. (NASDAQ:CRDF - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 972,873 shares of the company's stock, valued at approximately $1,265,000. BlackRock Inc. owned approximately 1.42% of Cardiff Oncology at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Brooklyn Investment Group purchased a new position in Cardiff Oncology during the third quarter valued at $26,000. Tamar Securities LLC bought a new position in shares of Cardiff Oncology during the fourth quarter valued at $32,000. Engineers Gate Manager LP bought a new position in shares of Cardiff Oncology during the second quarter valued at $43,000. BNP Paribas Financial Markets raised its position in shares of Cardiff Oncology by 335.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 15,437 shares of the company's stock worth $49,000 after purchasing an additional 11,889 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its stake in Cardiff Oncology by 70.1% in the 3rd quarter. Raymond James Financial Inc. now owns 23,632 shares of the company's stock worth $49,000 after purchasing an additional 9,740 shares in the last quarter. 16.29% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Mani Mohindru acquired 24,703 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The stock was bought at an average price of $1.21 per share, for a total transaction of $29,890.63. Following the acquisition, the chief executive officer directly owned 24,703 shares of the company's stock, valued at $29,890.63. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gary W. Pace purchased 30,000 shares of the firm's stock in a transaction dated Thursday, June 18th. The shares were bought at an average cost of $1.22 per share, with a total value of $36,600.00. Following the purchase, the director directly owned 1,356,376 shares of the company's stock, valued at approximately $1,654,778.72. This represents a 2.26% increase in their position. The disclosure for this purchase is available in the SEC filing. 8.80% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wall Street Zen raised shares of Cardiff Oncology from a "strong sell" rating to a "sell" rating in a research report on Saturday. Craig Hallum downgraded shares of Cardiff Oncology from a "buy" rating to a "hold" rating and set a $2.00 target price on the stock. in a research note on Wednesday, June 3rd. HC Wainwright cut shares of Cardiff Oncology from a "buy" rating to a "neutral" rating in a report on Monday, June 1st. TD Cowen downgraded shares of Cardiff Oncology from a "buy" rating to a "hold" rating in a research report on Monday, June 1st. Finally, Weiss Ratings upgraded shares of Cardiff Oncology from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cardiff Oncology currently has a consensus rating of "Hold" and an average price target of $7.50.

Cardiff Oncology Stock Performance

Shares of NASDAQ CRDF opened at $1.09 on Monday. The company has a market cap of $84.79 million, a P/E ratio of -1.82 and a beta of 1.46. Cardiff Oncology, Inc. has a 52-week low of $0.76 and a 52-week high of $3.31. The firm's fifty day moving average is $1.02 and its two-hundred day moving average is $1.44.

Cardiff Oncology (NASDAQ:CRDF - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.02). Cardiff Oncology had a negative net margin of 7,885.43% and a negative return on equity of 103.10%. The company had revenue of $0.10 million for the quarter, compared to the consensus estimate of $0.06 million. As a group, analysts forecast that Cardiff Oncology, Inc. will post -0.63 EPS for the current fiscal year.

Cardiff Oncology Company Profile

Cardiff Oncology, Inc is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts. The company is dedicated to the discovery, development and commercialization of novel small-molecule therapies designed to modulate the tumor microenvironment and enhance antitumor immune responses. By focusing on unique immuno-oncology targets, Cardiff seeks to address resistance pathways that limit the effectiveness of existing cancer treatments.

Cardiff's pipeline comprises several small-molecule immunomodulators in various stages of preclinical and clinical development.

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