UPDATE: JP Morgan Initiates Infinity Pharmaceuticals at Overweight on Positive Data

JP Morgan initiated coverage on Infinity Pharmaceuticals

with an Overweight rating and a $42.00 price target. JP Morgan commented, "We are initiating coverage of Infinity Pharmaceuticals with an Overweight rating based on the potential of IPI-145, the company's wholly owned, possibly best-in-class oral drug candidate for the treatment of hematologic (blood) cancers, which we believe is a billion-dollar-plus opportunity. In our view, 2013 is shaping up as another event-driven year for INFI. The stock has had an impressive run, we believe based on promising early data and recent market precedent (set by PCYC in particular)." Infinity Pharmaceuticals closed at $33.37 on Wednesday.