Thursday, Dec. 17 PITTSFIELD -- Adeline Q. Perkins was inspired by her math and science courses at Taconic High School. And she honed her business acumen working at GE Plastics during and after …
Dan, in a previous post, you stated there are problems with opdivo/ ipi549 combo. Would you expound !
13F for the quarter ended 6/30 Summary ------------------------------------------- 1. Stock price dropped from $3.23 on 3/31 to $1.57 on 6/30 2. Sold out/decreased position during the quarter – 8M shares 3. New/increased position – 3.5M shares 4. Short interest decreased from 3.4M shares on 3/31 to 1.5M 5. BLACKROCK sold 2.1M shares, DEERFIELD sold out 2M shares 6. No major buyers 7. Largest position: BVF 7.85M (no change- 15% of the company). 8. BVF bought into the stock in the 2H of 2016 at average price of $1.35 9. The net 4.5M shares that institutions sold were bought by shorts (1.9M) and individuals 10. Despite Perkins and Bloch several meetings with institutions as the one arranged with JP Morgan (non -deal roadshow), Institutions keeps baling. No one trusts them. 11. The stock will eventually go BK unless they managed to sell the company. If they do not manage a sell within the next month or two then this will probably go to zero as management is the worst I've ever seen.
Buy back at .90
Timeline- +++++++++++ By the end of this month the last of the 12 patients enrolled in the combo cohort with 30mg IPI549 + Opdivo will be evaluated for safety.
Then INFI will consult BMY-their clinical trial, whether to up the ipi-549 dose to 40mg or 60 mg (the recommended dose for the mom therapy extension trial) or to move to the main part of the trial – cohort 4 with the last tested 30mg dose
Cohort 4 will enroll approximately 100 patients
INFI wants the begin enrolling into cohort 4 in the 2 half of this year, with efficacy data out not before the end of 2018 (by that time INFI will run out of cash)
The idea here is to sell the company to BMY with the start of the cohort 4 extension trial
What BMY will be getting? BMY will get $50M in cash ($1 per share) Optional: some modest future proceeds from VSTM ($0-1 per share) First in class PI3K Gamma inhibitor which they can add to their Oncology arsenal and that may have some uses outside oncology.
To buy INFI, a) BMY must be comfortable with the safety profile (progress has been made on that front) b) BMY must think that there is reasonable chance to succeed in trials to warrant further investment and with favorable economics .The Takeda royalty elimination agreement guaranteed favorable economics if the drug is approved. As for efficacy, so far I was not impressed with the limited patients treated, but the drug has some interesting pre-clinical data, is first in class with patents that expires only in 2034 and the company is cheap enough to warrant low probability-high reward bet.
I believe that there is a reasonable rational for BMY to buy INFI for $3-4. Takeda then will convert the $6M note to INFI shares at $1.something, and get 10% of the company ownership, which is reasonable given that they agreed to eliminate 7-11% royalties on the drug. In fact the sole purpose of the convertible note is to encourage buyers and at the same time gibe Takeda opportunity to profit from potential stock appreciation by converting the note to shares of INFI.
All of INFI board meetings are on Fridays. Watch any Monday for a buyout announcement. If Adelene don’t manage to sell the company by EOY, then the Board will probably let her go. Interesting enough, If Adelene is fired as she should be for her part in the enormous value shareholders destruction then there is no sale, so against my will I hope she stays until EOY.
In January Adelene Perkins granted herself 1,000,000 options at exercise price of $1.74 In May Adelene Perkins granted herself another 500,000 options at exercise price of $1.46 Her Salary was increased by 50% to give her further incentive She got 200,000 shares for free
All this for bringing the stock to $1
Where are the institutions? Board? Shareholders ? t SEC?
Few words from a veteran.
Adelene Perkins (CEO) and Larry Bloch (CFO/President) are responsible for unbelievable value destruction of shareholders value (stock dropped from $50 in 2013 to $1) and yet They gave themselves retention bonuses They gave themselves free stocks They gave themselves millions of options as incentive Mr. Bloch has been promoted to President
Adelene Perkins is completely useless and incompetent. Has no idea about science, gave up Duvelisib for free to VSTM, Is misleading investors about IPI549 . In reality, it took INFI 18 months just to enroll 18 patients and to determine the recommended dose for the monotherapy expansion while the combo dose escalation with Opdivo is having serious problems.
At AACR meeting the company presented initial data from the trial and not even one patient had any response. Yet the PR stated that the program is now de risked !!!
No one believes this self-serving weasel
That is why the stock is dropping and will continue to drop.
Only chance for a recovery is if they manage to sell the company. The drug is first in class PI3K gamma and may have some uses outside oncology. Unfortunately, management has to be replaced in order for the street to take this company seriously.
Adelene Perkins must go. I’ve never seen such louse CEO in 30 years of investing.
Regardless of the price action recently and now I know where this is going long term. Ok shorts/MMs can you bring it down to 85cents again? Probably not, if I knew that I'd set my limit order to accumulate a ton at that price. Take it under $1, also unlikely, so I got a buy order at $1.04 for 4,000 more shares. I've been close to INFI and it sure it a better company than ones taking off today such as MRNS (Marinus) yet that 14 employee co. with a way lesser book value ($0.88cents/sh) is trading in the $3s today with no recent news, less institutional ownership and its 52 week low was $0.82/share. INFI is comparable to VSTM already in the $3s now (52 week low $1.05/sh). Wait until INFI starts to get positive attention from institutions and traders, that's when it will rise to the $3s+, time to accumulate is now while price is low, low, low bargain.
Tute ownership decreasing ! Down to 68 percent from 76 percent.
Time for Adelene Perkins to walk the plank. The companies that I have seen do #$%$ with women at the helm would fill a phone book. Patricia Russo, Carly Fiorina, Marissa Mayer, Michelle Depp, Abigail Johnson . . the list is almost endless. INFI will get back on track as soon as Adelene Perkins is put out to pasture! Let's get this suggestion in the pipeline ASAP.
Who says INFI isn't poised for potentially massive upward movement? awe-some*sto-ck*s alerted a new stock just now. going to check it out.
really like the after hours pests, wow 2,465 share traded to bring it to $1.25, nothing but pure manipulation and weasel traders and penny pinching irritants :^)
be patient and long, shorts and MMs don't understand positive developments and this will rocket like VSTM did, but INFI will take to 2nd q: "We have initiated the monotherapy expansion component of our Phase 1 study and are eager to also move forward with the combination expansion, allowing us to generate additional clinical and translational data from monotherapy treatment as well as from the combination of IPI-549 and Opdivo in specific types of solid tumors," stated Adelene Perkins, Infinity's chair and chief executive officer. "We also recently undertook an important strategic initiative and amended our license agreement with Takeda Oncology for IPI-549. We issued Takeda an unsecured $6.0 million convertible note in exchange for eliminating future royalty obligations on IPI-549. This amendment reflects our strong belief in the potential of IPI-549 to be a first-in-class, oral immuno-oncology therapy and reduces the total royalty burden on any future net sales of IPI-549 to four percent due to Mundipharma and Purdue from a previous agreement."
shorts will cover after the call and it couldn't soon enough the manipulators and MMs :^), it should be tracking to VSTM, you'll see clarity and mention of their Duvelisib agreement with VSTM, the revenues it's going to add to INFI as well as other great news they were withholding until the call is my guess.
Good luck to those holding through the earnings call, we are hoping for a lot of good news to get this to rocket. Its been a coiled spring and its at the bargain basement price/share due to shorts and MMs. Verastem/VSTM has already rocketed and in the $3s, INFI should be trading at VSTM levels but its time to use the earnings calls to get it up to where it really belongs in the market:^)
Just bought 10,000 shares at $1.43.
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