Infinity Pharmaceuticals Inc. (INFI) Upgraded by Zacks Investment Research to Buy
Infinity Pharmaceuticals Inc. (NASDAQ:INFI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $1.50 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 11.94% from the company’s current price.
According to Zacks, “Infinity, a development-stage biopharmaceutical company, is focused on the development of treatments for difficult-to-treat diseases. Estimates have been mostly stable ahead of the company’s Q3 earnings release. Infinity received a huge blow when AbbVie decided to terminate the collaboration for the development and commercialization of Infinity’s lead pipeline candidate, duvelisib. With the termination of this agreement, Infinity has regained the global rights to the candidate. Currently, the company is exploring strategic options for the duvelisib program, including a potential sale of the same. Therefore, the company has refrained from giving an update on the nature and timing of regulatory filing of the candidate. Infinity also announced restructuring plans and cut approximately 66% of its workforce. Infinity is also moving with its planned development of other immuno-oncology candidate IPI-549 in multiple solid tumors.”
INFI has been the topic of several other reports. Wedbush reiterated a “neutral” rating and set a $1.25 target price on shares of Infinity Pharmaceuticals in a research note on Tuesday, June 28th. FBR & Co reiterated a “hold” rating on shares of Infinity Pharmaceuticals in a research note on Wednesday, August 10th. Finally, Morgan Stanley reiterated a “hold” rating and set a $1.00 target price on shares of Infinity Pharmaceuticals in a research note on Thursday, August 11th. Nine analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $4.56.
Shares of Infinity Pharmaceuticals (NASDAQ:INFI) traded up 3.73% during mid-day trading on Tuesday, reaching $1.39. The company’s stock had a trading volume of 90,475 shares. Infinity Pharmaceuticals has a 12 month low of $1.24 and a 12 month high of $10.85. The firm has a market cap of $68.93 million, a PE ratio of 4.47 and a beta of 1.89. The company has a 50-day moving average of $1.50 and a 200-day moving average of $2.98.
Infinity Pharmaceuticals (NASDAQ:INFI) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $1.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.89) by $1.94. Infinity Pharmaceuticals had a negative return on equity of 55.51% and a net margin of 13.23%. The company earned $9.47 million during the quarter, compared to analyst estimates of $13.91 million. During the same quarter last year, the company earned ($0.78) EPS. The firm’s revenue for the quarter was up 94.1% on a year-over-year basis. On average, analysts predict that Infinity Pharmaceuticals will post ($1.53) earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its position in Infinity Pharmaceuticals by 51.7% in the second quarter. Rhumbline Advisers now owns 81,889 shares of the company’s stock worth $109,000 after buying an additional 27,897 shares during the period. Evercore Wealth Management LLC increased its position in Infinity Pharmaceuticals by 14.0% in the second quarter. Evercore Wealth Management LLC now owns 107,091 shares of the company’s stock valued at $142,000 after buying an additional 13,157 shares during the period. BlackRock Inc. increased its position in Infinity Pharmaceuticals by 3,199.4% in the second quarter. BlackRock Inc. now owns 107,958 shares of the company’s stock valued at $143,000 after buying an additional 104,686 shares during the period. Alliancebernstein L.P. increased its position in Infinity Pharmaceuticals by 62.1% in the second quarter. Alliancebernstein L.P. now owns 112,210 shares of the company’s stock valued at $149,000 after buying an additional 43,000 shares during the period. Finally, A.R.T. Advisors LLC bought a new position in Infinity Pharmaceuticals during the second quarter valued at $210,000. Hedge funds and other institutional investors own 80.86% of the company’s stock.
About Infinity Pharmaceuticals
Infinity Pharmaceuticals, Inc is a biopharmaceutical company. The Company is engaged in the discovery, development and delivery of medicines to treat diseases. The Company develops small molecule drugs that target disease pathways for potential applications in oncology. Its product candidate is duvelisib, also known as IPI-145, is an oral, dual-inhibitor of the delta and gamma isoforms of phosphoinositide-3-kinase (PI3K), for the treatment of hematologic malignancies, or blood cancers.
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