Infinity Pharmaceuticals Flirts With 52-Week Low

Infinity Pharmaceuticals (INFI) shares fell to flirt with the 52-week low on Monday after the company lowered the revenue guidance range for 2015 while seeing a smaller than previously expected net loss.

INFI was down over 9% at $8.02 recently, having earlier traded as low as $7.80, just above the 52-week low of $7.56. The 52-week high is at $18.25.

The company also announced it expects topline data from its phase 2 trial of duvelisib to treat indolent non-Hodgkin lymphoma by Q3 of 2016 and expects to submit regulatory filings by the end of 2016.

The revised guidance was a result of changes in the anticipated timing of the initiation of planned clinical studies as well as slower than expected enrollment in DYNAMO+R.

Infinity now expects 2015 revenue between $100 million and $120 million, down from $105 million to $125 million and below the $136.6 million estimate from analysts polled by Capital IQ, if comparable. The net loss is now expected to be between $125 million and $145 million compared to the previous guidance between $190 million and $210 million and compared to the $153.1 million loss expected by analysts.

Meanwhile, Infinity said a phase 3 trial designed to evaluate the safety and efficacy of duvelisib compared to ofatumumab in approximately 300 patients with relapsed/refractory chronic lymphocytic leukemia, will complete patient enrollment by the end of 2015. The primary endpoint of this study is progression-free survival.

The company also said that its partner AbbVie (ABBV) will initiate the first clinical study of duvelisib and venetoclax by the end of 2015. to evaluate the safety and activity of the combination across a range of hematologic malignancies.

Infinity also plans to initiate a Phase 3, double-blind, placebo-controlled study in patients with relapsed iNHL, in the Q4 of 2015 as well as a Phase 2 study in patients with relapsed/refractory FL, in the fourth quarter of 2015

Companies: Infinity Pharmaceuticals, Inc.
Price: 8.02 Price Change: -0.82 Percent Change: -9.23