MEI Pharma, Inc. (NASDAQ:MEIP) Short Interest Update

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.

Shares of NASDAQ MEIP traded down $0.01 during mid-day trading on Friday, hitting $2.82. The stock had a trading volume of 333,356 shares, compared to its average volume of 1,334,610. MEI Pharma has a 1 year low of $0.72 and a 1 year high of $4.46. The business has a 50 day moving average price of $2.89 and a two-hundred day moving average price of $3.13. The firm has a market cap of $317.31 million, a P/E ratio of -5.53 and a beta of 1.79.

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.

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