Brookline Capital Markets Downgrades MEI Pharma (MEIP) to Hold

Brookline Capital Markets analyst Leah Rush Cann downgraded MEI Pharma (NASDAQ: MEIP) from Buy to Hold.

The analyst comments "We cover MEI Pharma, a development-stage biotechnology company working in the PI3K pathway, CDK inhibition, epigenetics, and cancer metabolism, and we are lowering our rating to Hold from Buy and suspending our price target and estimates. As highlighted in today’s announcement, MEI Pharma is pursuing strategic alternatives. As of our last report, Reports CY Q1 2024; Data Anticipated for Voruciclib by YE CY2024, May 9, 2024, MEI Pharma reported that it finished calendar CY Q1 2023 with $56.6 million in cash and equivalents and at that time, we estimated was sufficient cash to fund its development programs through CY 2024. Extending the current cash runway beyond December 31, 2024 hinges on cost saving and the strategic directions MEI pursues. With increased uncertainty to the path forward, we are lowering our rating to Hold."

For an analyst ratings summary and ratings history on MEI Pharma click here. For more ratings news on MEI Pharma click here.

Shares of MEI Pharma closed at $2.86 yesterday.

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