Infinity Pharmaceuticals (NASDAQ:INFI) Stock Attempts To Rebound: A Good Buy Now?
5:50 pm Thursday, August 05th, 2021
The stock of Infinity Pharmaceuticals (NASDAQ:INFI), a clinical-stage biotechnology company developing eganelisib (IPI-549), a potentially first-in-class, oral, immuno-oncology macrophage reprogramming therapeutic which addresses a fundamental biologic mechanism of immune suppression in cancer in multiple clinical studies has soared to a 38% high. Infinity combines proven scientific expertise with a passion for developing novel small molecule drugs that target emerging disease pathways.
Looking at the developments of the company, the company revealed about the phase 2 trial which proved the efficacy of eganelisib when used in combination therapy for urothelial cancer. More precisely the press release of Infinity states, “the data showed that eganelisib increased overall survival in patients with metastatic urothelial cancer and prolonged progression free survival in patients with TNBC.”
The rise is majorly attributed to the prophecy of Mr. Anupam Rama at JPMorgan Chase unit JPMorgan. The analyst’s upgrade on the Infinity stock, which highlights his shifting his prognostication of Infinity being neutral to that of a “buy” with a price target of $6 per share, made the stock price skyrocketing.
Even Mr. Nick Abbott, an analyst at Wells Fargo shared his views in favor of Infinity from equal weight (neutral) to overweight (buy), and set a hefty price target of $14. His decision came after the news about the urothelial cancer trial results. Piper Sandler’s Edward Tenthoff too was of a similar opinion barring his price target which he felt should be somewhere between $7 and $8.
Thus, backed by the analysts’ overweight, this stock is surely hitting it HOT for the investors.
