Jefferies & Company Reports on Infinity Pharmaceuticals (INFI)

In a report released earlier today, Jefferies & Company commented on Infinity Pharmaceuticals INFI. In the report, Jefferies was positive. Jefferies writes, “[INFI] reported a narrower 1Q11 loss on higher revenues; cash of $91M at end-1Q11, $200M-$205M committed R&D funding in 2011/2012 and $50M line of credit from partners should be sufficient into 2013 by our estimates (vs into ~2014 by INFI). Our $8 PT consists of ~$6/share for the Hedgehog program (IPI-926 for cancer; sales of $250M in 2018, discounting at 35%), ~$1/share for the IPI-940 and ~$1/share for the oral Hsp90 inhibitor program.” Jefferies has a Buy rating on the company and a price target of $8. Shares of the company closed the trading day at $6.90, up $0.43 from the opening bell.