Nomura Securities Starts Infinity Pharmaceutical (INFI) at Neutral

January 8, 2014 8:02 AM EST Send to a Friend
Get Alerts INFI Hot Sheet
Price: $17.73 +3.14%

Rating Summary:
    11 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 28 | New: 51
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Nomura Securities initiates coverage on Infinity Pharmaceutical (NASDAQ: INFI) with a Neutral. PT $14.00.

Analyst Ian Somaiya comments: "Infinity is focused on the development and commercialization of small molecule drugs for oncology and immunology. With an undifferentiated profile and a 2-3 year lag time, we believe Infinity’s lead-drug IPI-145, a PI3K-delta/gamma inhibitor, may face a difficult time enrolling patients in its Phase II/III trials, and launch of more advanced competitors, PCYC’s Imbruvica (2013) and GILD’s Idelalisib (’14E), may further pigeon hole use to the refractory setting, limiting its market opportunity. We look to become more constructive on INFI shares if updated IPI-145 Phase I data (ASCO 2014) confer a better/differentiated profile versus competitors. Our $14 target price is based on DCF of 2015-25E projected free cash flows discounted at 12% (WACC of 9.3%) with a 2.5% terminal growth rate. FY13E EPS at ($2.68); FY14E EPS at ($3.46)."

For an analyst ratings summary and ratings history on Infinity Pharmaceutical click here. For more ratings news on Infinity Pharmaceutical click here.

Shares of Infinity Pharmaceutical closed at $12.50 yesterday.


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