NEW YORK, NY / ACCESSWIRE / November 13, 2018 / Despite promising data released over the weekend, Infinity Pharmaceuticals tanked on Monday with a loss of over 45%. Shares of athenahealth Inc. were in the green after announcing the company will be acquired for $5.7 billion in cash by Veritas Capital and Evergreen Coast Capital.
RDI Initiates Coverage on:
Infinity Pharmaceuticals, Inc.
Infinity Pharmaceuticals, Inc. shares closed down 45.42% on about 4.6 million shares traded yesterday. Average volume for the stock is just under 400,000 shares. Infinity Pharmaceuticals plummeted to a new low of $1.27. The company had presented data at the 33rd Annual Meeting of the Society for Immunotherapy of Cancer (SITC) over the weekend. The data had demonstrated preliminary evidence that IPI-549 in combination with Opdivo® (nivolumab) is clinically active in indications not expected to respond to Opdivo alone. In particular, evidence of reversal of resistance to Opdivo included a partial response in a patient with metastatic melanoma who progressed on immediate prior Opdivo therapy. "Today's data validate our scientific rationale for the development of IPI-549 as a potentially first-in-class therapeutic alternative for patients lacking better treatment options," said Adelene Perkins, Chief Executive Officer of Infinity Pharmaceuticals. "We will be expanding our melanoma cohort, with patients refractory to immediate prior anti-PD1 therapy, to 40 patients based on promising early signals and have triggered expansion of the TNBC cohort. We will also be initiating our Phase 2 MARIO‑275 trial in urothelial cancer with an emphasis on patients with high myeloid derived suppressor cell levels, given that MDSCs further promote immunosuppression. We look forward to providing an update on these efforts."
Access RDI’s Infinity Pharmaceuticals, Inc. Research Report at:
athenahealth, Inc. shares closed up nearly 10% on Monday with nearly 12.5 million shares traded. Average trading volume for the stock is just a little over 570,000 shares. The cloud-based healthcare technology provider saw its shares skyrocket after announcing that it would be acquired by Veritas Capital and Evergreen Coast Capital for $5.7 billion in cash, or $135 per share. Compared to this past Friday's closing price, it's a 12.2% premium. Executive chairman of the company, Jeff Immelt, said the deal "maximizes value for our shareholders and accelerates our goal to transform healthcare" and that it "will create new opportunities for collaboration and growth." He also said, "Operating as a private company with Veritas's ownership and support will provide athenahealth with increased flexibility to achieve our purpose of unleashing our collective potential to transform healthcare." Virence CEO Bob Segert stated, "We are excited by the opportunity to partner with athenahealth, one of the largest and most connected provider networks in the nation, to drive outcomes that matter the most to our customers. athenahealth and Virence have complementary portfolios and highly-talented people, and this combination expands our depth and reach across the continuum of care. I'm looking forward to combining our mission-driven cultures to create an even stronger healthcare IT company."
Access RDI’s athenahealth, Inc. Research Report at:
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.
For any questions, inquiries, or comments reach out to us directly at:
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.