Infinity Pharmaceuticals (NASDAQ:INFI) Stock Regains Momentum: Here is Why
Infinity Pharmaceuticals (NASDAQ:INFI) soared 61%, and over the week, the biotech name has been a big mover taking investors on a bumpy ride.
On Tuesday, the stock dropped over 30% but then it is rising. The Massachusetts-based biotech company focuses on the development of proprietary cancer therapies. Infinity believes that its flagship drug candidate, eganelisib, IPI-549, currently in various clinical trials, could treat various ovarian and breast cancer forms and solid tumors.
The trigger for the big move is the drug candidate after the company shared findings from the MARIO-3 and MARIO-275 trials. Mario-275 examined eganelisib as a urothelial cancer combination treatment and MARIO -3 evaluated the drug as a combination therapy in triple-negative breast cancer.
The company was working with Roche in the MARIO-3 study pairing the candidate with Tecentriq. Results indicated that there was tumor reduction in around 86% of the subjects. In addition, the company reported quarterly earnings in which it topped EPS and revenue estimates. So in the coming weeks, INFI is a stock to watch.
Market Reaction:
On Wednesday, INFI stock soared 61.18% at $2.45 with more than 172.55 million shares, compared to its average volume of 2.18 million shares. The stock has moved within a range of $ 2.0500 – 2.6100 after opening the trade at $2.15. Over the past 52-week, the stock has been trading within a range of $0.8200 – 5.9800.
