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Infinity (INFI) Q3 Earnings Beat Estimates, Revenues Up Y/Y
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Infinity Pharmaceuticals, Inc. reported earnings of 23 cents per share in third-quarter 2018, against the Zacks Consensus Estimate of a loss of 14 cents. The company reported a loss of 14 cents in the year-ago quarter.
Since Infinity does not have any approved product in its portfolio yet, the company earns revenues in the form of royalties, license and milestone payments as well as research and development (R&D) support fees paid by its partners. The company reported collaboration revenues of $22 million in the quarter compared with $6 million in the year-ago quarter.
The revenues are related to the amount due from Verastem (VSTM - Free Report) for the FDA approval of duvelisib on Sep 24, 2018 for the treatment of adult patients with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma after at least two prior therapies, as well as adult patients with relapsed or refractory follicular lymphoma after at least two prior systemic therapies.
Infinity’s shares have increased 17.2% year to date, against the industry’s decline of 4.8%.
Quarter in Detail
In the quarter, R&D expenses decreased 42.4% to $5.4 million due to the convertible note issued to Takeda in July 2017.
General and administrative (G&A) expenses were $3.4 million in the quarter, down 23.6% from the year-ago quarter. The decrease was mainly due to a reduction in stock compensation.
2018 Outlook
Infinity revised its outlook for 2018. The company expects net loss for 2018 to be $10-$20 million, down from its previous expectation of $35-$45 million. The company anticipates year-end cash, cash equivalents and available-for-sale securities balance to be $50-$60 million compared with its previous expectation of $15-$25 million. Moreover, Infinity expects existing cash, cash equivalents and available-for-sale securities to be adequate to fund the company's capital needs in 2020.
Other Updates
Infinity is evaluating IPI-549 as a monotherapy as well as in combination with Bristol-Myers’ (BMY - Free Report) Opdivo in a MARIO-1 phase I/Ib study in approximately 200 patients with advanced solid tumors.
The company is also planning to initiate the MARIO-275 phase II study to evaluate the effect of adding IPI-549 to Opdivo in checkpoint inhibitor-naïve advanced urothelial cancer patients who have progressed or recurred, following treatment with platinum-based chemotherapy.
Further, Infinity’s partner Arcus Biosciences (RCUS - Free Report) 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. One triple combination therapy will evaluate IPI-549 in combination with AB928 and AB122, and the second will evaluate IPI-549 in combination with AB928 and chemotherapy. with topline data expected in 2019.
Infinity Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
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Infinity (INFI) Q3 Earnings Beat Estimates, Revenues Up Y/Y
Infinity Pharmaceuticals, Inc. reported earnings of 23 cents per share in third-quarter 2018, against the Zacks Consensus Estimate of a loss of 14 cents. The company reported a loss of 14 cents in the year-ago quarter.
Since Infinity does not have any approved product in its portfolio yet, the company earns revenues in the form of royalties, license and milestone payments as well as research and development (R&D) support fees paid by its partners. The company reported collaboration revenues of $22 million in the quarter compared with $6 million in the year-ago quarter.
The revenues are related to the amount due from Verastem (VSTM - Free Report) for the FDA approval of duvelisib on Sep 24, 2018 for the treatment of adult patients with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma after at least two prior therapies, as well as adult patients with relapsed or refractory follicular lymphoma after at least two prior systemic therapies.
Infinity’s shares have increased 17.2% year to date, against the industry’s decline of 4.8%.
Quarter in Detail
In the quarter, R&D expenses decreased 42.4% to $5.4 million due to the convertible note issued to Takeda in July 2017.
General and administrative (G&A) expenses were $3.4 million in the quarter, down 23.6% from the year-ago quarter. The decrease was mainly due to a reduction in stock compensation.
2018 Outlook
Infinity revised its outlook for 2018. The company expects net loss for 2018 to be $10-$20 million, down from its previous expectation of $35-$45 million. The company anticipates year-end cash, cash equivalents and available-for-sale securities balance to be $50-$60 million compared with its previous expectation of $15-$25 million. Moreover, Infinity expects existing cash, cash equivalents and available-for-sale securities to be adequate to fund the company's capital needs in 2020.
Other Updates
Infinity is evaluating IPI-549 as a monotherapy as well as in combination with Bristol-Myers’ (BMY - Free Report) Opdivo in a MARIO-1 phase I/Ib study in approximately 200 patients with advanced solid tumors.
The company is also planning to initiate the MARIO-275 phase II study to evaluate the effect of adding IPI-549 to Opdivo in checkpoint inhibitor-naïve advanced urothelial cancer patients who have progressed or recurred, following treatment with platinum-based chemotherapy.
Further, Infinity’s partner Arcus Biosciences (RCUS - Free Report) 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. One triple combination therapy will evaluate IPI-549 in combination with AB928 and AB122, and the second will evaluate IPI-549 in combination with AB928 and chemotherapy. with topline data expected in 2019.
Infinity Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Infinity Pharmaceuticals, Inc. Price, Consensus and EPS Surprise | Infinity Pharmaceuticals, Inc. Quote
Zacks Rank
Infinity has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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