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Infinity (INFI) Posts Narrower-Than-Expected Loss in Q2

Infinity Pharmaceuticals, Inc. INFI reported loss of 12 cents per share in second-quarter 2018, narrower than the Zacks Consensus Estimate of a loss of 20 cents. The company had reported a loss of 34 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.

Infinity’s shares have declined 1% year to date against the industry’s growth of 1.6%.

Quarter in Detail

In the quarter, R&D expenses decreased 3.9% to $3.7 million due to reduction in bonus and stock compensation. The decrease was partially offset by an increase in clinical development expense for IPI-549.

General and administrative (G&A) expenses were $3.4 million in the quarter, down 45.4% from the year-ago quarter. The decrease was mainly due to a reduction in bonus and stock compensation.

2018 Outlook

Infinity reaffirmed its outlook for 2018. The company expects net loss for 2018 in the range of $35-$45 million. The company anticipates year-end cash, cash equivalents and available-for-sale securities balance in the $15-$25 million range. Moreover, Infinity expects existing cash, cash equivalents and available-for-sale securities to be adequate to fund the company's capital needs through third-quarter 2019.

Other Updates

Infinity is evaluating IPI-549 as a monotherapy as well as in combination with Bristol-Myers’ BMY Opdivo in a MARIO-1 phase I/Ib study in approximately 200 patients with advanced solid tumors.Enrollment is complete in the mesothelioma combination expansion cohort and is ongoing for the other five disease-specific combination expansion cohorts as well as for the seventh combination expansion cohort of patients pre-selected for having high baseline blood levels of myeloid derived suppressor cells (MDSCs), which began enrolling patients in May 2018.

Infinity also partnered with Arcus Biosciences Inc. RCUS, which 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.

Infinity Pharmaceuticals, Inc. Price, Consensus and EPS Surprise


Infinity Pharmaceuticals, Inc. Price, Consensus and EPS Surprise | Infinity Pharmaceuticals, Inc. Quote

Zacks Rank & Key Picks

Infinity has a Zacks Rank #3 (Hold).

A better-ranked stock in the biotech sector is Vertex Pharmaceuticals VRTX, carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Vertex’s earnings per share estimates moved up from $3.16 to $3.79 for 2018 and from $4.33 to $4.58 for 2019 in the last 30 days. The company delivered a positive earnings surprise in all of the trailing four quarters with an average beat of 27.5%. Share price of the company has increased 16.9% in a year.

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