NEW YORK (TheStreet) -- Shares of Infinity Pharmaceuticals (INFI - Get Report) were advancing on heavy trading volume early-afternoon Tuesday after the company said it received "favorable" results from a preliminary Phase I trial for its IPI-549 drug.
IPI-549 is an orally administered immuno-ocology development candidate that inhibits pi3k-gamma.
The data showed that IPI-549 can reverse tumor resistance to checkpoint inhibitors.
The trial is still ongoing with patients who have non-small cell lung cancer (NSCLC), melanoma and squamous cell carcinoma of the head and neck (SCCHN), the company said in a statement.
Infinity added that NSCLC, melanoma and SCCHN account for more than 17% of all new cancer cases in the U.S.
Infinity is a Cambridge, MA-based biopharmaceutical company that's engaged in the discovery, development and delivery of medicines to treat diseases.
About 1.84 million of the company's shares have changed hands so far today vs. its average volume of 391,210 shares per day.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
TheStreet Ratings team rates Infinity Pharmaceuticals as a Sell with a ratings score of D. This is driven by multiple weaknesses, which it believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks it covers. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: INFI