INFI - Infinity Pharma adds another bull at JPMorgan on potential of cancer therapy

Infinity Pharmaceuticals (NASDAQ:INFI) has climbed ~17.9% in the pre-market after JP Morgan upgraded the stock to overweight from neutral, citing the prospects of eganelisib, the company’s oral candidate currently undergoing mid-stage studies in urothelial cancer. Eganelisib’s potential as second-line therapy in urothelial cancer “is being underappreciated at current levels,” wrote the analyst Anupam Rama with the price target set for December 2022 implying a premium of ~183.0% to the last close. Rama also highlighted the data from company’s MARIO-275 Phase 2 study, which showed doubling of overall survival for Eganelisib and nivolumab compared to placebo and nivolumab, helping to “de-risk” a future late-stage trial in the subset of patients. In late July, Wells Fargo upgraded Infinity Pharma calling the weakness in shares a “good buying opportunity.”

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Infinity Pharma adds another bull at JPMorgan on potential of cancer therapy