INFI - Piper Sandler initiates Infinity Pharmaceuticals at overweight

Piper Sandler analyst Edward Tenthoff has initiated coverage of Infinity Pharmaceuticals (INFI) with an overweight rating and a $7 price target.The company's sole clinical candidate, eganelisib, is a first-in-class, oral, immuno-oncology candidate that selectively inhibits phosphoinositide-3-kinase gamma (PI3K-gamma).Eganelisib is in phase 2 in collaboration with Bristol Myers Squibb (BMY) as a combination treatment with Opdivo as second-line treatment for urothelial cancer (MARIO-275 trial).Also in phase 2, Infinity has also partnered with Roche's (RHHBY) Genentech unit on a combination of eganelisib with Tecentriq and Abraxane for front-line triple-negative breast cancer (MARIO-3 trial).Regarding phase 2 data from MARIO-275 presented at ASCO, Tenthoff writes that the combo of eganelisib and Opdivo had an overall response rate of 26% vs. 14% for Opdivo alone.He adds that in MARIO-3, data showed that when eganelisib was added to Tecentriq and Abraxane, "enhanced activity" was observed.Infinity shares are down 0.7% to $3.79 in late afternoon trading.

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Piper Sandler initiates Infinity Pharmaceuticals at overweight