UPDATE: Jefferies Downgrades Infinity Pharmaceuticals to Hold on Limited Upside

Jefferies reduced its rating on Infinity Pharmaceuticals INFI from Buy to Hold but raised its price target from $18 to $21. Jefferies noted, "In the absence of positive events, INFI has gained significant traction on increased visibility of IPI-145 in Ph1/2a (its achievable potential yet-to-be defined; YTD +130% vs. +30% for NBI). While biotech valuation is often based on perceived potential for early-stage assets, at EV of ~$470M (vs. ~$490M for peers), with limited clinical data and numerous competitors in development, we view a Hold rating as appropriate for INFI.." Infinity Pharmaceuticals closed at $20.20 on Tuesday.