UPDATE: Credit Suisse Initiates Infinity Pharmaceuticals at Outperform on Risk/Reward

Credit Suisse initiated coverage on Infinity Pharmaceuticals, Inc.

with a Outperform rating and a $42.00 price target. Credit Suisse commented, "We believe that the next steps in the development of IPI-145 are lower risk than typical for a drug at its stage, and expect IPI-145 to emerge as a best-in-class PI3K inhibitor. We also view the target markets as able to support several multibillion dollar drugs, and expect that IPI-145 could capture a meaningful share. While higher risk, earlier stage, and less investible than its larger pier PCYC, we believe that risk/reward for INFI remains favorable." Infinity Pharmaceuticals closed at $32.93 on Monday.