Zacks Analyst Blog Highlights: Infinity Pharmaceuticals Inc, Novartis, Pfizer, OmniVision Technologies Inc and Google

Business Wire, April 17, 2009

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CHICAGO -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Infinity Pharmaceuticals Inc (NASDAQ: INFI), Novartis (NYSE: NVS), Pfizer (NYSE: PFE), OmniVision Technologies Inc (NASDAQ: OVTI) and Google (NASDAQ: GOOG).

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Here are highlights from Thursday’s Analyst Blog:

Infinity's RING Trial Halted

Yesterday, Infinity Pharmaceuticals Inc (NASDAQ: INFI) announced the termination of its phase III RING trial based on the recommendation of its independent data monitoring committee (IDMC). The RING trial is a randomized, double-blind, placebo-controlled study designed to evaluate IPI-504, a Hsp90 inhibitor, in approximately 200 patients with refractory GIST in over 20 countries and 50 sites worldwide. Patients whose tumors have grown despite treatment with at least Novartis' (NYSE: NVS) Gleevec (imatinib mesylate) and Pfizer's (NYSE: PFE) Sutent (sunitinib) were eligible to enroll in the RING trial and there was no limit to the number of prior therapies they may have received.

According to the company, the IDMC's recommendation yesterday evening to halt the trial was based on an early review of safety data from the first 46 patients enrolled in the study, which showed a higher-than-anticipated mortality rate among patients enrolled in the treatment arm. While the RING trial had similar entry criteria to the earlier study of IPI-504 in patients with refractory GIST, a preliminary review of the data suggests that the patients enrolled in the RING trial had more advanced disease, as evidenced by a greater percentage of patients having received three or more prior therapies and longer time since initial diagnosis.

OmniVision Looks to Longer Term

OmniVision Technologies Inc (NASDAQ: OVTI) is a leading provider of image sensors for the handset and notebook markets, and is strengthening its position in other emerging markets. The company’s technology, market position and $4.60 of net cash per share should enable it to tide over the current recession.

We are reasonably confident about a strong comeback in the post-recession period. However, we are a little concerned about the level of inventory, and believe that the company could have a hard time bringing it down. We anticipate further provisions in the near future.

Google Tops Lowered Expectations

Google (NASDAQ: GOOG) topped first-quarter expectations with GAAP earnings of $4.49 per share, 28 cents better than the consensus estimate. Revenues were also well above the average forecast, totaling $5.51 billion versus forecasts for $4.16 billion.

The numbers represent a true surprise given recent trends. Over the past 30 days, 7 brokerage analysts had lowered their first-quarter projections, causing the consensus earnings estimate to fall by 5 cents to $4.21 per share. Furthermore, GOOG has missed estimates 5 times in its brief history as a publicly-traded company.

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