Here is why MEI Pharma Inc. (MEIP) stock recovered its early loss in the after-hours on Monday?

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PTR Stock
PTR Stock

MEI Pharma Inc. (MEIP) shares gained 8.16% in after-hours on Monday, November 29, 2021, and closed Monday’s trading at $2.65. However, in the regular trading session, MEIP’s stock lost 6.13%. MEIP shares have fallen 18.87% over the last 12 months, and they have moved down 11.87% in the past week. Over the past three months, the stock has lost 13.43%, while over the past six months, it has sunk 18.87%.

Let’s discuss its recent news and developments briefly.


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MEIP upcoming webcast about zandelisib

MEI Pharma, Inc. (MEIP) will host a live investor and analyst webcast on Tuesday, November 30, 2021, reporting on data from the ongoing global Phase 2 TIDAL study evaluating zandelisib in patients with relapsed or refractory follicular lymphoma. The webcast will also review the zandelisib program and provide a corporate update.

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MEIP new appointment

On November 22, 2021, MEI Pharma, Inc. (MEIP) appointed Mr. Sujay Kango to its board of directors. Mr. Sujay Kango is an experienced executive with more than 25 years of experience in the pharmaceutical and biotechnology industries.

MEIP latest financial results

On November 10, 2021, MEI Pharma, Inc. (MEIP), announced results for the quarter ended September 30, 2021.

Q1 2022 financial highlights

  • MEIP reported total revenue of $13.4 million in Q1 2022 compared to $3.8 million in Q1 2021.
  • In Q1 2022, research and development expenses were $20.0 million compared to $13.0 million for the quarter ended September 30, 2020.
  • General and administrative expenses were $7.9 million in Q1 2022, compared to $5.9 million in Q1 2021.
  • It suffered a net loss of $11.9 million, or $0.11 per share in Q1 2022 compared to a net loss of $2.1 million, or $0.02 per share for Q1 2021.
  • The company ended the first quarter of 2022 with had $145.5 million of cash, cash equivalents, and short-term investments with no outstanding debt.

Orphan drug status for zandelisib

On November 10, 2021, MEI Pharma, Inc. (MEIP) and Kyowa Kirin, Inc., announced that the U.S. Food and Drug Administration (FDA) granted orphan-drug designation (ODD) to zandelisib for the treatment of follicular lymphoma.

Zandelisib, a selective PI3Kδ inhibitor, is an investigational cancer treatment being developed as an oral, once-daily, treatment for patients with B-cell malignancies.

Orphan-drug designation is granted by the FDA to a drug or biologic intended to treat a rare disease or condition, which affects fewer than 200,000 individuals in the U.S.

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Conclusion

the recent update about zandelisib that the company wants to discuss its progress with the investors and analysts was the reason behind its gains in the after-hours on Monday. If the webcast on Tuesday brings positive news about zandelisib, then it can further surge in the coming trading session on Tuesday.

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