UPDATE: Piper Jaffray Lowers PT on Infinity Pharmaceuticals to $8
Piper Jaffray has published a research report on Infinity Pharmaceuticals (NASDAQ: INFI) and has lowered the price target from $13 to $8 after the company reported a miss for Saridegib in recent Pancreatic studies.
In the report, Piper Jaffray writes, "Infinity is halting the Phase II trial of saridegib (IPI-926) in front line metastatic pancreatic cancer after an interim analysis revealed that the saridegib + gemcitabine arm was resulting in shorter overall survival (OS) than the gemcitabine control arm. Phase II single agent studies of saridegib in myelofibrosis and chondrosarcoma will proceed. We continue to look for open label Phase II data on saridegib in myelofibrosis, Phase II data on HSP-90 inhibitor retaspimycin in mutant KRAS lung cancer and Phase I data on PI3Kinase inhibitor IPI-145 in 2H:12."
Piper Jaffray maintains its Overweight rating on Infinity Pharmaceuticals, which is currently trading down $3.95 from yesterday's $9.95 closing price.
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