MEI Pharma, Inc. (NASDAQ:MEIP) – Analysts Cut Price Target on MEI Pharma as Stock Falls to 52-Week Low Following Zandelisib Update

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The crushed FDA MEI Pharma Inc. (NASDAQ: MEIP) hopes to gain accelerated approval for its PI3K inhibitor, zandelisib, based on Phase 2 data.

  • At the meeting, the FDA advised that a randomized clinical trial is “necessary to adequately evaluate the efficacy and safety of PI3K inhibitor drug candidates, including zandelisib.”
  • The FDA is set to hold an advisory committee meeting next month to discuss the need for randomized data on PI3K inhibitors.
  • The companies do not plan to submit a marketing application to the FDA based on the single-arm Phase 2 TIDAL study and will continue with the randomized Phase 3 COASTAL study as planned.
  • Together with partner Kyowa Kirin, MEI has linked zandelisib to a 70.3% response rate in patients with follicular lymphoma in a phase 2 trial.
  • Stifel downgraded MEI Pharma to Hold from Buy with a price target of $2, down from $6 previously.
  • Jefferies downgraded the company to Hold from Buy with a price target of $1, down from $4 previously.
  • HC Wainwright reduced the price target to $5 from $10.
  • Truist lowered the price target to $3 from $8, and BTIG reduce price target to $4 from $11 on MEIP stock.
  • Price action: MEIP shares were down 63% at $0.67 during Friday’s last check trading session.

Latest reviews for MEIP

Dated Solidify action From For
February 2022 Jefferies Initiates coverage on To buy
May 2020 Sun Trust Robinson Humphrey Initiates coverage on To buy
February 2019 BTIG Initiates coverage on To buy

View more analyst notes for MEIP

See the latest analyst ratings

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