MEI Pharma, Inc. (NASDAQ:MEIP) was the target of a significant growth in short interest in October. As of October 30th, there was short interest totalling 7,730,000 shares, a growth of 15.7% from the October 15th total of 6,680,000 shares. Based on an average daily volume of 793,400 shares, the days-to-cover ratio is currently 9.7 days.
MEIP has been the topic of a number of recent analyst reports. BidaskClub downgraded shares of MEI Pharma from a “hold” rating to a “sell” rating in a research note on Friday, October 23rd. Alliance Global Partners began coverage on shares of MEI Pharma in a research note on Tuesday, September 22nd. They set a “buy” rating and a $9.00 price target on the stock. Lifesci Capital reissued an “outperform” rating on shares of MEI Pharma in a research note on Wednesday, October 21st. Zacks Investment Research downgraded shares of MEI Pharma from a “hold” rating to a “sell” rating in a research note on Thursday, September 10th. Finally, Brookline Capital Management reissued a “buy” rating on shares of MEI Pharma in a research note on Monday, October 12th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $9.29.
A number of large investors have recently added to or reduced their stakes in MEIP. First Light Asset Management LLC bought a new stake in MEI Pharma in the third quarter valued at $11,743,000. Opaleye Management Inc. bought a new stake in MEI Pharma in the second quarter valued at $6,426,000. Point72 Asset Management L.P. bought a new stake in MEI Pharma in the second quarter valued at $4,790,000. Nuveen Asset Management LLC boosted its holdings in MEI Pharma by 551.8% in the second quarter. Nuveen Asset Management LLC now owns 1,341,047 shares of the company’s stock valued at $5,539,000 after acquiring an additional 1,135,316 shares in the last quarter. Finally, Artal Group S.A. bought a new stake in shares of MEI Pharma during the 2nd quarter valued at $2,949,000. Institutional investors and hedge funds own 59.32% of the company’s stock.
MEI Pharma (NASDAQ:MEIP) last issued its earnings results on Wednesday, September 9th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.13 by $0.01. The company had revenue of $25.50 million for the quarter, compared to the consensus estimate of $51.24 million. MEI Pharma had a negative net margin of 159.15% and a negative return on equity of 33.39%. On average, sell-side analysts predict that MEI Pharma will post -0.58 EPS for the current fiscal year.
MEI Pharma Company Profile
MEI Pharma, Inc, a late-stage pharmaceutical company, focuses on the development of various therapies for the treatment of cancer. The company develops Zandelisib, an oral phosphatidylinositol 3-kinase delta inhibitor that is in Phase II 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 inhibitor, which is in Phase Ib clinical trial for acute myeloid leukemia and B-cell malignancies.
Featured Article: What are earnings reports?
Receive News & Ratings for MEI Pharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MEI Pharma and related companies with MarketBeat.com's FREE daily email newsletter.