MEI Pharma Inc (NASDAQ:MEIP) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 110,777 shares, a decrease of 82.9% from the October 31st total of 649,068 shares. Currently, 0.3% of the company’s shares are short sold. Based on an average trading volume of 209,762 shares, the days-to-cover ratio is currently 0.5 days.
Several equities research analysts recently commented on MEIP shares. Zacks Investment Research upgraded shares of MEI Pharma from a “hold” rating to a “strong-buy” rating and set a $3.25 price target for the company in a research report on Saturday, September 9th. ValuEngine downgraded shares of MEI Pharma from a “hold” rating to a “sell” rating in a research report on Friday.
Shares of MEI Pharma (MEIP) opened at $2.26 on Friday. MEI Pharma has a 12-month low of $1.34 and a 12-month high of $3.26.
MEI Pharma (NASDAQ:MEIP) last issued its quarterly earnings results on Tuesday, September 5th. The company reported ($0.12) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.03. The business had revenue of $0.45 million during the quarter, compared to the consensus estimate of $0.60 million. MEI Pharma had a negative net margin of 8.24% and a negative return on equity of 3.62%. research analysts expect that MEI Pharma will post -1.05 earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the business. OxFORD Asset Management LLP lifted its position in MEI Pharma by 116.2% in the 2nd quarter. OxFORD Asset Management LLP now owns 235,025 shares of the company’s stock worth $562,000 after buying an additional 126,303 shares in the last quarter. JPMorgan Chase & Co. lifted its position in MEI Pharma by 2,508.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 67,825 shares of the company’s stock worth $162,000 after buying an additional 65,225 shares in the last quarter. Bank of Montreal Can purchased a new stake in MEI Pharma in the 2nd quarter worth approximately $126,000. Spark Investment Management LLC lifted its position in MEI Pharma by 119.3% in the 2nd quarter. Spark Investment Management LLC now owns 62,500 shares of the company’s stock worth $149,000 after buying an additional 34,000 shares in the last quarter. Finally, FMR LLC lifted its position in MEI Pharma by 11.2% in the 1st quarter. FMR LLC now owns 351,000 shares of the company’s stock worth $569,000 after buying an additional 35,476 shares in the last quarter. Institutional investors own 23.28% of the company’s stock.
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MEI Pharma Company Profile
MEI Pharma, Inc is an oncology company. The Company is focused on the clinical development of drugs and therapies for treatment of cancer. The Company’s portfolio of clinical drug candidates includes Pracinostat, ME-344 and PWT143. Pracinostat is an orally available histone deacetylase (HDAC) inhibitor indicated for the treatment of advanced hematologic diseases, such as acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS).
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