Infinity Pharmaceutical (INFI) PT Lifted to $19 at Nomura Securities

Nomura Securities analyst M. Ian Somaiya raised his price target on Infinity Pharmaceutical (NASDAQ: INFI) to $19.00 (from $12.00) but maintained a Neutral rating following a blockbuster collaboration agreement with AbbVie.

"We believe AbbVie as a partner not only validates duvelisib as a viable commercial drug, but also brings the pharma company’s considerable clinical and marketing experience. Based on our conversation with INFI, AbbVie’s decision to license duvelisib was driven by: 1) duvelisib’s higher response rates in iNHL compared to competing drugs from Gilead and Pharmacyclics, as well as 2) potential to develop novel-novel combination of ABT-199 and elotuzumab plus duvelisib."

He added, "We remain Neutral rated as the next catalyst for duvelisib in cancer will be in 2H15, with Phase II DYNAMO data in iNHL. We look to become more constructive on INFI shares if Phase II immunology studies in RA and asthma (data end 2014) are positive."

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 $15.73 yesterday.

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