Company

Bank

Analyst

Coverage

Opinion

Wk chg

7/20 cls

Infinity Pharmaceuticals Inc. (NASDAQ:INFI)

Piper Jaffray

Edward Tenthoff

Price target

Neutral

0%

$15.68

Tenthoff raised his target to $14 from $11.50 after Infinity regained ex-U.S. rights to IPI-145, an oral delta and gamma inhibitor of phosphoinositide 3-kinase (PI3K). Last week, Infinity restructured a 2008 deal with Purdue Pharma L.P. and its affiliate Mundipharma International Ltd. to regain rights to its PI3K, fatty acid amide hydrolase (FAAH) and early discovery programs (see B4). He now values IPI-145 at $250M after adding back ex-U.S. rights, up from $150M. IPI-145 is in Phase I testing for advanced hematologic malignancies, with Phase II trials in asthma and rheumatoid arthritis (RA) slated to start this half.

Isis Pharmaceuticals Inc. (NASDAQ:ISIS)

Jefferies

Eun Yang

Downgrade

Underperform (from buy)

-3%

$12.97

Yang maintained her $10 target after a "significant recent run-up" in Isis shares "despite no significant fundamental events." She believes the valuation already factors in anticipated positive recommendations for Kynamro mipomersen to treat homozygous familial hypercholesterolemia (hoFH) from EMA's CHMP this half and from an FDA advisory committee in 4Q12. Yang also believes Kynamro consensus estimates are too high, as she anticipates a slow launch in the EU. She estimates 2013 Kynamro sales of $3.4M in the EU and $10.5M in the U.S. Genzyme Corp. has exclusive rights to the second-generation antisense inhibitor of apolipoprotein B-100 (APOB-100) mRNA, which has a Jan. 29, 2013, PDUFA date. Genzyme is a unit of Sanofi (Euronext:SAN; NYSE:SNY).