UPDATE: Goldman Sachs Lowers PT on Infinity Pharmaceuticals on Multiple Negative Factors
In a report published Friday, Goldman Sachs analyst Navdeep Singh reiterated a Neutral rating on Infinity Pharmaceuticals (NASDAQ: INFI), but lowered the price target from $40.00 to $20.00.
In the report, Goldman Sachs noted, “We are lowering our 12-month price target for INFI to $20 (from $40) due to (1) increased competitive pressure from GILD's idelalisib, (2) uncertainty on IPI-145's (oral therapy for blood cancers) safety profile, and (3) lack of visibility on commercial positioning. We now project IPI-145 peak sales of $1bn (from $2.8bn) and assign no success (from a 20% probability of success) to retaspimycin (HSP-90 inhibitor for lung cancer) due to mixed competitor data at ASCO. We maintain our Neutral rating on INFI and look for more clarity at ASH when updated IPI-145 data is expected. For more details see our slide deck.”
Infinity Pharmaceuticals closed on Wednesday at $16.46.
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