Piper Jaffray Reports On INFI As ASCO Abstracts Are Released

Piper Jaffray remains Overweight on Infinity Pharmaceuticals INFI and maintains its $9 price target on the stock in advance of the company's presentation at ASCO in June. According to Piper Jaffray, “Abstracts were published last night for the upcoming American Society of Clinical Oncology (ASCO) meeting in Chicago from June 3rd-7th. We look for INFI shares to continue to trade higher into ASCO, where Infinity is reporting Phase Ib proof-of-concept pancreatic cancer data on oral Hedgehog inhibitor IPI-926. While early, the combination did show 3/9 (33%) patients with radiographic PRs, which is considerably higher than with gemcitabine alone. Infinity already initiated the Phase II portion of the study with overall survival as the primary endpoint.” INFI closed at $6.80 yesterday.