GSK - Cardiff Oncology: A Solid Oncology Company With 50% Upside Potential

• We are initiating coverage of Cardiff Oncology (CRDF) with a "VERY BULLISH" rating at a 30 PT. We project a worldwide peak sales north of US$1bn for mCRC indication only.
• CRDF shares have been steadily increasing since late Q2, with catalysts including robust clinical data of Onvansertib in mCRC, as well as complete corporate restructuring and re-branding earlier this year.
• Cardiff Oncology recently published data of Onvansertib in second-line mCRC for the KRAB+ patient population, highlighting an efficacious profile.
• Onvansertib is a differentiated third-generation PLK1 inhibitor, with the potential to be best-in-class compared to other PLK inhibitors.
• Onvansertib can be scalable to other indications beyond CRC, such as prostate cancer, AML, and pancreatic cancer.

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