Short Interest in MEI Pharma Inc (MEIP) Expands By 174.4%

MEI Pharma Inc (NASDAQ:MEIP) was the target of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 1,452,050 shares, a growth of 174.4% from the May 31st total of 529,192 shares. Currently, 6.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,198,586 shares, the days-to-cover ratio is currently 1.2 days.

A number of institutional investors have recently bought and sold shares of MEIP. Sio Capital Management LLC increased its position in MEI Pharma by 13.0% during the 1st quarter. Sio Capital Management LLC now owns 934,563 shares of the company’s stock worth $1,935,000 after purchasing an additional 107,650 shares in the last quarter. Deutsche Bank AG increased its position in MEI Pharma by 43.1% during the 4th quarter. Deutsche Bank AG now owns 227,932 shares of the company’s stock worth $478,000 after purchasing an additional 68,691 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in MEI Pharma by 2.5% during the 4th quarter. Renaissance Technologies LLC now owns 2,014,113 shares of the company’s stock worth $4,230,000 after purchasing an additional 49,906 shares in the last quarter. Hedge funds and other institutional investors own 22.72% of the company’s stock.

MEIP has been the subject of several research reports. Laidlaw initiated coverage on MEI Pharma in a research note on Thursday, April 12th. They set a “buy” rating and a $7.00 price target for the company. Zacks Investment Research raised MEI Pharma from a “hold” rating to a “buy” rating and set a $2.00 price target for the company in a research note on Wednesday, April 11th. Cann reaffirmed a “buy” rating on shares of MEI Pharma in a research note on Wednesday, March 21st. ValuEngine raised MEI Pharma from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. Finally, Wells Fargo & Co raised MEI Pharma from a “market perform” rating to an “outperform” rating in a research note on Wednesday, June 6th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $5.63.

MEI Pharma opened at $4.05 on Thursday, Marketbeat reports. The stock has a market cap of $155.27 million, a P/E ratio of 57.86 and a beta of 2.04. MEI Pharma has a 52 week low of $1.79 and a 52 week high of $5.14.

MEI Pharma (NASDAQ:MEIP) last posted its quarterly earnings data on Wednesday, May 9th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.08. The firm had revenue of $0.43 million during the quarter, compared to analysts’ expectations of $0.40 million. MEI Pharma had a negative return on equity of 60.75% and a negative net margin of 1,651.87%. analysts expect that MEI Pharma will post -0.83 earnings per share for the current year.

MEI Pharma Company Profile

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

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