Infinity Pharmaceuticals Inc. (NASDAQ:INFI) Stock Fell 155 Last Week: A Good Opportunity Now?

Infinity Pharmaceuticals Inc. (NASDAQ:INFI) dropped 15% last week on no news. Recently, the company announced its 2020 financial results and offered an update regarding eganelisib progress. CEO Adelene Perkins said that the company had presented transformative data in various indications, lines of therapy, and I/O combinations, which showed the extensive potential of eganelisib in improving upon the standard of care therapy in various treatments settings addressing challenging unmet oncology needs. 

Perkins added that the MARIO-275 double-blind, randomized, placebo-controlled data showed a clinical benefit of including eganelisib in nivolumab monotherapy. Also, considerable benefits were shown in the PD-L1 patient population, currently underserved by the checkpoint inhibitor monotherapy.

The company enhanced its balance sheet following the successful completion of a $92 million public offering in February 2021, with net proceeds of $86 million going to support the execution of its next phase of eganelisib development. In addition, revenue was $1.7 million in 2020, attributed to Copiktra net sales from Secura Bio Inc. and Verastem Inc. So in the coming months, INFI is a stock to watch.

Market Reaction:

On Friday, INFI stock slid 1.92% at $2.56 with more than 1.53 million shares, compared to its average volume of 1.81 million shares. The stock has moved within a range of $2.5200 – 2.6800 after opening the trade at $2.63. Over the past 52-week, the stock has been trading within a range of $0.8200 – 5.9800.