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Piper analyst bullish on Infinity’s drug

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Shares of Cambridge-based Infinity Pharmaceuticals Inc. rose after Piper Jaffray analyst M. Ian Somaiya said he believes the company’s experimental drug, IPI-145, will be approved to treat several types of cancer, with annual sales eventually approaching $3 billion. Infinity’s other drug, IPI-504, is in clinical testing as a treatment for lung cancer. The company is scheduled to report its fourth-quarter results on Tuesday. Analysts forecast a quarterly loss of 84 cents per share.

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