JPM upgrades Infinity Pharma to "overweight" on cancer drug potential

Infinity Pharmaceuticals

02/08/2021 12:39

** Drug developer's shares  INFI.O  up 10.8% at $2.35
premarket after J.P. Morgan upgrades to "overweight" from
"neutral"
    ** Co, last week, said a mid-stage study data showed
patients treated with its drug candidate, eganelisib, combined
with Bristol Myers Squibb's  BMY.N  drug Opdivo had greater
overall survival in urothelial cancer (UC), when compared with
those treated with Opdivo alone [https://bit.ly/37cpJ1p
]
    ** Brokerage believes INFI shares are undervalued
considering the potential of eganelisib in UC alone and says
there could be longer-term gains from expansion of the drug's
use for other diseases 
    ** Estimates worldwide peak sales of eganelisib for UC in
the about $500 mln to $600 mln range
    ** JPM's PT of $6 on INFI represents an upside of 183% to
stock's last close
    ** INFI shares flat YTD, up to the last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))