MEI Pharma’s (MEIP) “Buy” Rating Reaffirmed at Cann

Cann restated their buy rating on shares of MEI Pharma (NASDAQ:MEIP) in a research note published on Monday. They currently have a $7.50 target price on the stock.

“Preclinical data for Voruciclib demonstrated that it synergizes with venetoclax in AML cells, and supports expanding clinical investigation of the combination in AML. This compound potentially addresses one of the largest potential markets, CLL, of any of MEI’s compounds. Updated phase Ib data for ME-401 demonstrated response rates that remain impressive in follicular lymphoma (FL) and CLL/SLL. Importantly, safety mitigation data, for continuous verses intermittent dosing, and switching between the two, led to 89% of patients remaining on therapy, and 72% having no evidence of disease progression. These results informed the global randomized study that is being launched. We currently anticipate ME-401 being filed with FDA in 2021, and could launch in 2022 with sales of $620.6 million by 2023E.”,” Cann’s analyst wrote.

MEIP has been the topic of a number of other research reports. BidaskClub downgraded shares of MEI Pharma from a buy rating to a hold rating in a report on Wednesday, October 3rd. Zacks Investment Research downgraded shares of MEI Pharma from a buy rating to a hold rating in a report on Wednesday, November 14th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $7.58.

MEIP stock opened at $2.71 on Monday. The stock has a market cap of $204.84 million, a P/E ratio of -3.66 and a beta of 2.18. MEI Pharma has a 52 week low of $1.79 and a 52 week high of $5.14.

A number of hedge funds have recently added to or reduced their stakes in the stock. Vivo Capital LLC purchased a new stake in MEI Pharma during the second quarter worth about $26,007,000. NEA Management Company LLC purchased a new stake in MEI Pharma during the second quarter worth about $22,539,000. Boxer Capital LLC acquired a new position in MEI Pharma during the second quarter worth about $11,478,000. Vanguard Group Inc. raised its position in MEI Pharma by 70.0% during the third quarter. Vanguard Group Inc. now owns 2,342,115 shares of the company’s stock worth $10,095,000 after acquiring an additional 964,033 shares during the last quarter. Finally, Sio Capital Management LLC raised its position in MEI Pharma by 5.5% during the third quarter. Sio Capital Management LLC now owns 2,303,645 shares of the company’s stock worth $9,929,000 after acquiring an additional 119,659 shares during the last quarter. 50.79% of the stock is currently owned by hedge funds and other institutional investors.

About MEI Pharma

MEI Pharma, Inc, a pharmaceutical company, focuses on the clinical development of novel therapies for the treatment of cancer. The company's clinical drug candidate includes Pracinostat, an oral available histone deacetylase inhibitor for the treatment of patients with acute myeloid leukemia and myelodysplastic syndrome.

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