Jefferies Upgrades Infinity Pharmaceutical (INFI) to Buy
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Jefferies upgraded Infinity Pharmaceutical (NASDAQ: INFI) from Hold to Buy with a price target of $13.00 (from $15.00) citing attractive risk/reward.
Analyst Eun K. Yang, Ph.D commented, "Our concerns for INFI have been commercial competitiveness of IPI-145 in a rapidly evolving market. However, at current EV of ~$265M (>70% down from 52-wk high), such concerns are largely priced in for active product IPI-145 (likely clinical success). Thus, ahead of pivotal Ph2/3 data in r/r iNHL/CLL in ~2Q/3Q15, we view risk/rewards as attractive; upgrading to Buy."
The firm bumped FY 2014 EPS from ($3.40) to ($3.28) while cutting FY 2015 EPS from ($1.88) to ($2.01).
Shares of Infinity Pharmaceutical closed at $9.05 yesterday.
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