KYKOF - MEI Pharma posts a historic drop as setback to cancer drug draws downgrades

Clinical-stage biotech, MEI Pharma (NASDAQ:MEIP -59.2%) has recorded the biggest intraday loss in over seven years as Wall Street reacts to the regulatory setback for the company’s cancer medication, zandelisib developed in partnership with Kyowa Kirin (OTCPK:KYKOF). With FDA requiring data from an additional randomized trial to support a marketing application for the PI3K inhibitor, several Wall Street analysts from Wells Fargo to Stifel have downgraded the stock. The unfavorable decision that followed a meeting with U.S. Food and Drug Administration (FDA), has pushed the near-term launch of zandelisib “off-the-table,” Wells Fargo analyst Nick Abbott noted as he downgraded the stock to Equal Weight from Overweight. Despite the assurances by the management that current liquidity would be adequate to fund operations through the enrollment of the randomized COASTAL trial, Abbott argues that the company will require additional funding to complete the study. The price target lowered to $0.86 from $1.56 implies

For further details see:

MEI Pharma posts a historic drop as setback to cancer drug draws downgrades