Why Infinity Pharmaceuticals Shares Are Surging
Infinity Pharmaceuticals Inc. (INFI) saw its shares almost double early on Thursday after the company announced that an abstract from its ongoing clinical trial of IPI-549 had been selected as a late-breaking presentation at the 2017 Society for Immunotherapy of Cancer (SITC) Annual Meeting. The presentation will take place in National Harbor, Maryland, on November 10 to 12.
Additionally, a clinical trials in progress poster will also be presented on the Phase 1/1b clinical study that is ongoing to explore the safety and activity of IPI-549, both as a monotherapy and in combination with Opdivo (nivolumab) in patients with advanced solid tumors. IPI-549 is believed to be the only PI3K-gamma inhibitor in clinical development.
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The four-part study includes monotherapy and combination dose-escalation components, along with monotherapy expansion and combination expansion components. Patient enrollment is complete in monotherapy dose-escalation, and monotherapy expansion is ongoing. Combination dose-escalation is also ongoing, and combination expansion is expected to begin in the second half of 2017.
The combination expansion component includes multiple cohorts designed to evaluate IPI-549 in patients with specific types of cancer, including patients with non-small cell lung cancer (NSCLC), melanoma and head and neck squamous cell carcinoma (HNSCC). This combination expansion will also include a cohort of patients with triple negative breast cancer (TNBC).
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It’s worth pointing out that NSCLC, melanoma, HNSCC and TNBC account for more than 22% of all new cancer cases in the United States.
Excluding Thursday’s move, Infinity Pharma has outperformed the U.S. broad markets, with the stock up about 24% year to date. Over the past 52 weeks, the stock is up only about 14%.
Shares of Infinity Pharma were last seen up over 80% at $3.05, with a consensus analyst price target of $1.50 and a 52-week range of $0.84 to $3.84.
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