Piper Jaffray Maintains Overweight on Infinity Pharmaceuticals

Piper Jaffray is out with its report today on Infinity Pharmaceuticals INFI, maintaining Overweight. In a note to clients, Piper Jaffray writes, "Infinity presented 2 posters on intravenous Heat Shock Protein-90 inhibitor retaspimycin including Phase Ib data in combination with Taxotere in non-small cell lung cancer at the American Society of Clinical Oncology meeting Chicago on Monday. Infinity has already begun Phase II trials for both retaspimycin and oral Hedgehog inhibitor IPI-926. Another major theme at ASCO has been PI3K inhibition and Infinity is preparing to advance IPI-145 in to the clinic this year. We continue to view shares of INFI as attractive trading at an enterprise value of only $86 million." Piper Jaffray maintains a $9 PT on INFI. Shares of INFI closed Monday at $6.69.