UPDATE: Piper Jaffray Upgrades Infinity Pharmaceuticals to Overweight (INFI)

Piper Jaffray is out with its report today on Infinity Pharmaceuticals INFI, upgrading INFI from Neutral to Overweight. In a note to clients, Piper Jaffray writes, "We look for shares of INFI to trade higher into ASCO next month, where Infinity will report Phase Ib proof-of-concept pancreatic cancer data on oral Hedgehog inhibitor IPI-926. Infinity already commenced the Phase II portion of the pancreatic study and also has an ongoing Phase II study in chondrosarcoma. We also see upside from preclinical PI3K inhibitor IPI-145 following Gilead's $600 million acquisition of Calistoga. Importantly, Infinity has access to $346 million in capital to fund operations through several value creating milestones. Shares appear attractive trading at a market cap of $152 million and enterprise value of $51 million. We are upgrading Infinity from Neutral to Overweight and increasing our target from $6 to $9." Shares of INFI closed Friday at $5.79.