Following a disappointing second-quarter earnings report, Cardiff Oncology Inc. ( 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 ( CRDF ) 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.

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Mark Erlander, Chief Executive Officer of Cardiff Oncology ( CRDF ), 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 ( CRDF ) 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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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.