We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Infinity (INFI) Q1 Earnings Lag Estimates, IPI-549 in Focus
Read MoreHide Full Article
Infinity Pharmaceuticals, Inc. incurred a loss of 19 cents per share in the first quarter of 2020, wider than the Zacks Consensus Estimate of a loss of 9 cents but narrower than the year-ago quarter’s loss of 24 cents.
Also, the company’s royalty revenues of $0.42 million beat the Zacks Consensus Estimate of $0.25 million. In the year-ago quarter, the company recorded royalty revenues of $0.12 million.
Shares of Infinity have increased 5.2% year to date versus the industry’s decline of 10.8%.
Quarter in Detail
Research and development expenses escalated 25.8% year over year to $7.3 million in the reported quarter, mainly due to an increase in clinical and development activities for IPI-549.
General and administrative expenses were $3.3 million in the reported quarter, down 2.9% year over year.
As of Mar 31, 2020, Infinity had total cash and cash equivalents of $50.3 million compared with $42.4 million at the end of Dec 31, 2019. The company expects its existing cash, cash equivalents and available-for-sale securities to be adequate for satisfying its capital needs through the second half of 2021.
Pipeline Update
Infinity is currently focused on developing its lead immuno-oncology candidate, IPI-549.
In March 2020, the FDA granted a Fast Track designation to the combo of IPI-549 plus Bristol Myers’ (BMY - Free Report) PD-1 immune checkpoint inhibitor, Opdivo (nivolumab), for the treatment of advanced urothelial cancer, a type of bladder cancer.
Notably, during the fourth quarter of 2019, the company initiated MARIO-275, an ongoing, global, randomized, controlled phase II study in collaboration with Bristol-Myers Squibb, to evaluate IPI-549 in combination with the latter’s Opdivo in platinum-refractory, I/O-naive patients with advanced urothelial cancer. Infinity is currently enrolling patients in the study.
The company continues to review this data with the IDMC and plans to carry on treating patients who are being evaluated in the study with modifications including additional patient monitoring and a dose reduction. The company is voluntarily pausing enrollment and amending the protocol to ensure patient safety, evaluating the potential benefit of IPI-549 plus Opdivo.
Also, in September 2019, Infinity initiated a phase II MARIO-3 study in collaboration with Roche AG (RHHBY - Free Report) , evaluating IPI-549 in combination with Tecentriq and Abraxane (nab-paclitaxel) for the treatment of front-line triple negative breast cancer (TNBC). The above-mentioned study also includes a cohort evaluating IPI-549 in combination with Tecentriq and Avastin (bevacizumab) for front-line PDL1+ and PDL1-renal cell cancer (RCC) patients.
Per the earnings release, Infinity is experiencing delays in enrollment and site initiation for the MARIO-3 study and is voluntarily pausing enrollment in the MARIO-275 study to ensure patient safety.
Meanwhile, Infinity in coordination with Arcus Biosciences (RCUS - Free Report) is conducting an early-stage study to evaluate IPI-549 in combination with AB298, the latter's dual adenosine receptor antagonist, and Doxil, a chemotherapy, for treating patients with advanced TNBC.
2020 Outlook
The company expects full-year net loss in the range of $40-$50 million, unchanged from its previous expectation.
Infinity Pharmaceuticals Inc Price, Consensus and EPS Surprise
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.1% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Bigstock
Infinity (INFI) Q1 Earnings Lag Estimates, IPI-549 in Focus
Infinity Pharmaceuticals, Inc. incurred a loss of 19 cents per share in the first quarter of 2020, wider than the Zacks Consensus Estimate of a loss of 9 cents but narrower than the year-ago quarter’s loss of 24 cents.
Also, the company’s royalty revenues of $0.42 million beat the Zacks Consensus Estimate of $0.25 million. In the year-ago quarter, the company recorded royalty revenues of $0.12 million.
Shares of Infinity have increased 5.2% year to date versus the industry’s decline of 10.8%.
Quarter in Detail
Research and development expenses escalated 25.8% year over year to $7.3 million in the reported quarter, mainly due to an increase in clinical and development activities for IPI-549.
General and administrative expenses were $3.3 million in the reported quarter, down 2.9% year over year.
As of Mar 31, 2020, Infinity had total cash and cash equivalents of $50.3 million compared with $42.4 million at the end of Dec 31, 2019. The company expects its existing cash, cash equivalents and available-for-sale securities to be adequate for satisfying its capital needs through the second half of 2021.
Pipeline Update
Infinity is currently focused on developing its lead immuno-oncology candidate, IPI-549.
In March 2020, the FDA granted a Fast Track designation to the combo of IPI-549 plus Bristol Myers’ (BMY - Free Report) PD-1 immune checkpoint inhibitor, Opdivo (nivolumab), for the treatment of advanced urothelial cancer, a type of bladder cancer.
Notably, during the fourth quarter of 2019, the company initiated MARIO-275, an ongoing, global, randomized, controlled phase II study in collaboration with Bristol-Myers Squibb, to evaluate IPI-549 in combination with the latter’s Opdivo in platinum-refractory, I/O-naive patients with advanced urothelial cancer. Infinity is currently enrolling patients in the study.
The company continues to review this data with the IDMC and plans to carry on treating patients who are being evaluated in the study with modifications including additional patient monitoring and a dose reduction. The company is voluntarily pausing enrollment and amending the protocol to ensure patient safety, evaluating the potential benefit of IPI-549 plus Opdivo.
Also, in September 2019, Infinity initiated a phase II MARIO-3 study in collaboration with Roche AG (RHHBY - Free Report) , evaluating IPI-549 in combination with Tecentriq and Abraxane (nab-paclitaxel) for the treatment of front-line triple negative breast cancer (TNBC). The above-mentioned study also includes a cohort evaluating IPI-549 in combination with Tecentriq and Avastin (bevacizumab) for front-line PDL1+ and PDL1-renal cell cancer (RCC) patients.
Per the earnings release, Infinity is experiencing delays in enrollment and site initiation for the MARIO-3 study and is voluntarily pausing enrollment in the MARIO-275 study to ensure patient safety.
Meanwhile, Infinity in coordination with Arcus Biosciences (RCUS - Free Report) is conducting an early-stage study to evaluate IPI-549 in combination with AB298, the latter's dual adenosine receptor antagonist, and Doxil, a chemotherapy, for treating patients with advanced TNBC.
2020 Outlook
The company expects full-year net loss in the range of $40-$50 million, unchanged from its previous expectation.
Infinity Pharmaceuticals Inc Price, Consensus and EPS Surprise
Infinity Pharmaceuticals Inc price-consensus-eps-surprise-chart | Infinity Pharmaceuticals Inc Quote
Zacks Rank
Infinity currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.1% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>