Wells Fargo Upgrades Infinity Pharmaceutical (INFI) to Overweight, Sees Upside to $30
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(Updated - July 28, 2021 9:28 AM EDT)
Wells Fargo analyst Nick Abbott upgraded Infinity Pharmaceutical (NASDAQ: INFI) from Equal Weight to Overweight with a price target of $14.00.
The analyst commented, "Following updated clinical data for eganelisib in urothelial bladder cancer (UBC) showing an impressive 40% reduction in risk of death compared to control and highly encouraging clinical/biomarker data in triple negative breast cancer (TNBC) we are increasing our price target on shares of Infinity Pharmaceuticals (INFI) from $4 to $14/share and changing our rating to Overweight from Equal Weight with upside potential to $30 given a doubling of probability of success. We view the decline in stock price as a good buying opportunity ahead of a more mature TNBC update and finalization of registration plans in UBC by YE21. In addition, following filing of the company's 10Q our 2021/22 EPS is -$0.55 vs -$0.57/ -$0.58 vs -$0.61 prior INFI ended the quarter with a cash balance of $97.3MM and an ATM balance of $87.1MM."
Shares of Infinity Pharmaceutical closed at $1.52 yesterday.
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