Infinity Pharmaceuticals, Inc. (NASDAQ:INFI) shares gapped up before the market opened on Friday following insider buying activity. The stock had previously closed at $1.36, but opened at $1.42. Infinity Pharmaceuticals shares last traded at $1.59, with a volume of 3,380,423 shares traded.

Specifically, insider Value Fund L. P. Biotechnology bought 1,600,046 shares of the stock in a transaction on Wednesday, October 4th. The shares were bought at an average price of $1.26 per share, with a total value of $2,016,057.96. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 6.81% of the company’s stock.

Separately, ValuEngine cut Infinity Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st.

The stock’s market capitalization is $80.60 million. The stock’s 50 day moving average is $1.16 and its 200 day moving average is $1.69.

Infinity Pharmaceuticals (NASDAQ:INFI) last announced its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.12). During the same period in the prior year, the company posted $1.05 earnings per share. Equities research analysts anticipate that Infinity Pharmaceuticals, Inc. will post ($0.92) earnings per share for the current year.

Several institutional investors have recently made changes to their positions in INFI. Vanguard Group Inc. increased its holdings in shares of Infinity Pharmaceuticals by 27.7% in the first quarter. Vanguard Group Inc. now owns 4,701,769 shares of the biotechnology company’s stock worth $15,187,000 after acquiring an additional 1,021,128 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Infinity Pharmaceuticals during the first quarter worth about $1,588,000. Legal & General Group Plc grew its holdings in shares of 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 buying an additional 335,538 shares in the last quarter. Platinum Investment Management Ltd. grew its holdings in shares of Infinity Pharmaceuticals by 62.6% during the first quarter. Platinum Investment Management Ltd. now owns 810,232 shares of the biotechnology company’s stock worth $2,617,000 after buying an additional 312,000 shares in the last quarter. Finally, FMR LLC bought a new position in shares of Infinity Pharmaceuticals during the second quarter worth about $349,000. Institutional investors own 67.47% of the company’s stock.

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Infinity Pharmaceuticals Company Profile

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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