Piper Jaffray Reiterates Overweight Rating, $9 PT on Infinity Pharmaceuticals

Piper Jaffray is reiterating its Overweight rating and $9 price target on shares of Infinity Pharmaceuticals, Inc. INFI “based on a projected enterprise value of $174 million + YE11E cash of $63 million.” “On Saturday, Infinity presented 2 posters on oral Hedgehog inhibitor IPI-926 at the American Society of Clinical Oncology (ASCO) meeting Chicago,” Piper Jaffray writes. “In the Phase Ib pancreatic cancer study in combination with gemcitabine, an impressive 5/16 (31%) achieved partial responses (PRs). Infinity also updated data from the Phase I solid tumor study. We expect Infinity and overseas partner Purdue to develop IPI-926 broadly with advanced pancreatic cancer as the fastest path to market.” Infinity Pharmaceuticals closed Friday at $6.76.