MEI Pharma, Inc. (NASDAQ:MEIP) – Analysts Minimize Worth Goal On MEI Pharma As Inventory Falls To 52-Week Low After Zandelisib Replace

The FDA crushed MEI Pharma Inc’s (NASDAQ: MEIP) hopes of successful accelerated approval for its PI3K inhibitor, zandelisib, on the energy of part 2 information.

• Within the assembly, the FDA knowledgeable {that a} randomized medical trial is “wanted to adequately assess drug efficacy and security of PI3K inhibitor drug candidates, together with zandelisib.” 
• The FDA is about to carry an advisory committee assembly subsequent month to debate the necessity for randomized information on PI3K inhibitors.
• The businesses don’t plan to submit an FDA advertising utility primarily based on the single-arm Section 2 TIDAL research and can proceed with the randomized Section 3 COASTAL research as deliberate.
• Working with its accomplice Kyowa Kirin, MEI linked zandelisib to a 70.3% response fee in follicular lymphoma sufferers in a Section 2 trial.
• Stifel downgraded MEI Pharma to Maintain from Purchase with a worth goal of $2, down from $6.
• Jefferies downgraded the corporate to Maintain from Purchase with a worth goal of $1, down from $4.
• H.C. Wainwright decreased the value goal to $5 from $10.
• Truist lowered the value goal to $3 from $8, and BTIG reduce the value goal to $4 from $11 on MEIP inventory.
• Worth Motion: MEIP shares are down 63% at $0.67 through the market session on the final verify Friday.