MEI Pharma downgraded to Neutral from Buy at BTIG

BTIG analyst Justin Zelin downgraded MEI Pharma to Neutral from Buy without a price target. The company announced plans to initiate strategic realignment of its portfolio following feedback with partner Kyowa Kirin from the FDA at a late November Meeting, where the parties will discontinue global development of Zandelisib, Zelin tells investors in a research note. The analyst downgrades MEI saying the primary valuation driver was future revenues from Zandelisib. He now awaits further clinical updates from the company’s early-stage pipeline assets next year.