Shares of Infinity Pharmaceuticals Inc. (NASDAQ:INFI) rose 15.8% on Friday after an insider bought additional shares in the company. The stock traded as high as $2.01 and last traded at $1.98. Approximately 3,637,800 shares were traded during mid-day trading, an increase of 168% from the average daily volume of 1,356,834 shares. The stock had previously closed at $1.71.
Specifically, President Lawrence E. Bloch purchased 500,000 shares of the business’s stock in a transaction on Wednesday, December 6th. The stock was purchased at an average price of $1.81 per share, for a total transaction of $905,000.00. Following the completion of the purchase, the president now directly owns 580,944 shares in the company, valued at approximately $1,051,508.64. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Value Fund L. P. Biotechnology purchased 1,600,046 shares of the business’s stock in a transaction on Wednesday, October 4th. The stock was purchased at an average price of $1.26 per share, with a total value of $2,016,057.96. The disclosure for this purchase can be found here. Company insiders own 6.81% of the company’s stock.
INFI has been the subject of a number of research reports. ValuEngine cut shares of Infinity Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded shares of Infinity Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. Finally, Wells Fargo & Company upgraded shares of Infinity Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Thursday, October 12th.
Several hedge funds and other institutional investors have recently bought and sold shares of INFI. Vanguard Group Inc. lifted its stake in shares of Infinity Pharmaceuticals by 27.7% during the 1st quarter. Vanguard Group Inc. now owns 4,701,769 shares of the biotechnology company’s stock worth $15,187,000 after buying an additional 1,021,128 shares during the last quarter. Platinum Investment Management Ltd. lifted its stake in shares of Infinity Pharmaceuticals by 74.3% during the 3rd quarter. Platinum Investment Management Ltd. now owns 1,411,832 shares of the biotechnology company’s stock worth $1,877,000 after buying an additional 601,600 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Infinity Pharmaceuticals during the 1st quarter worth about $1,588,000. Legal & General Group Plc increased its position in Infinity Pharmaceuticals by 2,430.0% during the second quarter. Legal & General Group Plc now owns 349,346 shares of the biotechnology company’s stock worth $548,000 after acquiring an additional 335,538 shares during the period. Finally, FMR LLC bought a new position in Infinity Pharmaceuticals during the second quarter worth about $349,000. Institutional investors own 54.41% of the company’s stock.
About Infinity Pharmaceuticals
Infinity Pharmaceuticals, Inc is a biopharmaceutical company. The Company is engaged in the discovery, development and delivery of medicines to treat diseases. The Company develops small molecule drugs that target disease pathways for potential applications in oncology. Its product candidate is duvelisib, also known as IPI-145, is an oral, dual-inhibitor of the delta and gamma isoforms of phosphoinositide-3-kinase (PI3K), for the treatment of hematologic malignancies, or blood cancers.
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