UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Infinity Pharmaceuticals on IPI-145 Sales Potential

In a report published Wednesday, Jefferies reiterated its Hold rating on Infinity Pharmaceuticals

, and raised its price target from $21.00 to $41.00. Jefferies noted, “Wider 4Q12 loss of ~$47M (vs. our loss estimate of ~$29M); cash of $327M at YE12 sufficient into ~2015. With expanding cohorts in Ph1/2a, timing for Ph3 start is likely in ~2014. INFI's rising valuation implies IPI-145 sales potential at >~$3B; however, given evolving competitive field with several promising products well ahead of IPI-145, speedy, comprehensive development strategy is key to realizing its commercial potential.” Infinity Pharmaceuticals closed on Tuesday at $45.14.