Short Interest in MEI Pharma, Inc. (NASDAQ:MEIP) Declines By 7.9%

MEI Pharma, Inc. (NASDAQ:MEIPGet Rating) was the recipient of a significant decline in short interest in August. As of August 31st, there was short interest totalling 4,680,000 shares, a decline of 7.9% from the August 15th total of 5,080,000 shares. Based on an average trading volume of 2,270,000 shares, the days-to-cover ratio is presently 2.1 days.

Institutional Investors Weigh In On MEI Pharma

Large investors have recently made changes to their positions in the company. Eagle Asset Management Inc. bought a new stake in shares of MEI Pharma in the 4th quarter valued at approximately $30,000. GSA Capital Partners LLP grew its stake in shares of MEI Pharma by 111.0% in the 1st quarter. GSA Capital Partners LLP now owns 60,923 shares of the company’s stock valued at $37,000 after buying an additional 32,050 shares in the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of MEI Pharma by 483.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 62,963 shares of the company’s stock valued at $38,000 after buying an additional 52,169 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of MEI Pharma in the 2nd quarter valued at approximately $46,000. Finally, MetLife Investment Management LLC grew its stake in shares of MEI Pharma by 969.4% in the 1st quarter. MetLife Investment Management LLC now owns 79,966 shares of the company’s stock valued at $48,000 after buying an additional 72,488 shares in the last quarter. Institutional investors own 35.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MEIP shares. StockNews.com started coverage on MEI Pharma in a report on Tuesday, September 13th. They set a “hold” rating on the stock. HC Wainwright restated a “buy” rating on shares of MEI Pharma in a report on Monday, September 12th. Finally, BTIG Research cut their price objective on MEI Pharma to $3.00 and set a “na” rating on the stock in a report on Tuesday, May 24th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, MEI Pharma has a consensus rating of “Hold” and an average target price of $3.00.

MEI Pharma Price Performance

NASDAQ:MEIP opened at $0.47 on Tuesday. MEI Pharma has a fifty-two week low of $0.41 and a fifty-two week high of $3.55. The stock’s 50-day moving average is $0.53 and its two-hundred day moving average is $0.68. The stock has a market cap of $63.14 million, a PE ratio of -1.21 and a beta of 0.82.

MEI Pharma (NASDAQ:MEIPGet Rating) last released its earnings results on Thursday, September 8th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.06. MEI Pharma had a negative return on equity of 110.92% and a negative net margin of 80.49%. On average, equities research analysts anticipate that MEI Pharma will post -0.6 earnings per share for the current year.

About MEI Pharma

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MEI Pharma, Inc, a late-stage pharmaceutical company, focuses on the development and commercialization of various therapies for the treatment of cancer. The company develops Zandelisib, an oral phosphatidylinositol 3-kinase delta inhibitor that is in Phase III clinical trial for the treatment of patients with relapsed/refractory follicular lymphoma, as well as in Phase Ib multi-arm trial to treat B-cell malignancies; and Voruciclib, an oral cyclin-dependent kinase 9 inhibitor, which is in Phase Ib clinical trial for acute myeloid leukemia and B-cell malignancies.

Further Reading

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