On Tuesday, the Infinity Pharmaceuticals (NASDAQ:INFI) stock had suffered from a heavy selloff and had gone down by as much as 61%. However, this morning it is a different stock for the company as the stock has recovered strongly and gone up by as much as 38%.
There has been no fresh news about the company this morning and hence, the rally in the stock could be related to the announcement made by the company yesterday. On Tuesday, Infinity provided updates with regards to the MARIO-275 randomized placebo-based Phase 2 study into its flagship product eganelisib. In this study, the product, which is meant for reversing the immune suppression in cancer patients and spark anti-tumor activity, was administered to the patients in combination with nivolumab.
As per the data from the company that was released on Tuesday, the median overall survival figure when administered with this combination shot up to as much as 15.9 months. In comparison, patients who had only been administered with nivolumab had a median survival rate of 7.9 months. Hence, it is clear to see why the latest data released by Infinity Pharmaceuticals may have come as a source of considerable excitement for many investors.
The data suggests that if eganelisib is added to the standard medication for cancer patients, then there is a high chance of progression-free survival for patients. Hence, it is now going to be interesting to see if the stock can continue to add to its gains today in light of the positive data.