Infinity Focuses on Developing IPI-549 for Solid Tumors
We issued an updated research report on Infinity Pharmaceuticals, Inc. INFI on Aug 21.
Infinity is currently focused on the development of its lead candidate, IPI-549. In November 2016, Infinity entered into a clinical trial collaboration with Bristol-Myers Squibb BMY to evaluate IPI-549 in combination with the latter’s PD-1 immunecheckpoint inhibitor Opdivo, in patients with advanced solid tumors. The study is known as MARIO-1.
Shares of the company decreased 2.5% compared with the industry’s growth of 1.8%.
The company is evaluating IPI-549 as a monotherapy and in combination with Opdivo in a phase I/Ib study, in about 200 patients with advanced solid tumors. Enrollment is complete in the mesothelioma combination expansion cohort and is ongoing for the other five disease-specific combination expansion cohorts as well as the seventh combination expansion cohort of patients pre-selected for having high baseline blood levels of myeloid derived suppressor cells (MDSCs), which began enrolling patients in May 2018.
Infinity also partnered with Arcus Biosciences Inc., which will initiate two triple combinations investigating IPI-549 with their dual adenosine receptor antagonist, AB928; anti-PD-1 antibody, AB122; and chemotherapy in triple negative breast cancer and ovarian cancer.
The company believes that IPI-549 has the potential to increase the number of patients who respond to immunotherapies as well as the duration of those responses. Infinity’s progress with the candidate has been impressive. Moreover, clinical trial collaboration with Bristol-Myers has provided Infinity with a strong partner with expertise in the field of immuno-oncology. Further, it would allow Infinity to expedite the development of IPI-549.
During the second quarter 2018 earnings call, Infinity reaffirmed its outlook for 2018. The company expects net loss for 2018 in the range of $35-$45 million. It also anticipates year-end cash, cash equivalents and available-for-sale securities balance in the $15-$25 million range. Moreover, Infinity expects existing cash, cash equivalents and available-for-sale securities to be adequate to fund the company's capital needs through third-quarter 2019.
However, Infinity has no approved product in its portfolio at the moment. IPI-549 is the only candidate in its pipeline. Thus, the company is totally dependent on the candidate for growth. With so much depending on the successful development and approval of one candidate, development or regulatory setbacks related to IPI-549, which still has a long way to go to enter the market, will hamper the company’s growth prospects and pull the stock down significantly.
Infinity Pharmaceuticals, Inc. Price
Infinity Pharmaceuticals, Inc. Price | Infinity Pharmaceuticals, Inc. Quote
Zacks Rank & Stocks to Consider
Infinity has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Gilead Sciences Inc. GILD and Celgene Corporation CELG. While Gilead carries a Zacks Rank #1 (Strong Buy), Celgene carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Gilead’s earnings per share estimates have increased from $6.15 to $6.57 for 2018 and from $6.33 to $6.48 for 2019 over the past 30 days. The company delivered a positive earnings surprise in three of the trailing four quarters with an average beat of 6.43%. The stock has rallied 2.3% so far this year.
Celgene’s earnings per share estimates have increased from $8.54 to $8.76 for 2018 and from $10.19 to $10.60 for 2019 over the past 30 days. The company delivered a positive earnings surprise in all of the trailing four quarters with an average beat of 2.38%.
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