Short Interest in MEI Pharma, Inc. (NASDAQ:MEIP) Drops By 30.4%

MEI Pharma, Inc. (NASDAQ:MEIP) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 11,200 shares, a decline of 30.4% from the August 15th total of 16,100 shares. Based on an average daily volume of 97,400 shares, the short-interest ratio is presently 0.1 days. Approximately 0.2% of the company’s shares are short sold.

Hedge Funds Weigh In On MEI Pharma

A hedge fund recently raised its stake in MEI Pharma stock. National Bank of Canada FI increased its position in MEI Pharma, Inc. (NASDAQ:MEIP) by 43.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,000 shares of the company’s stock after purchasing an additional 10,000 shares during the quarter. National Bank of Canada FI owned 0.50% of MEI Pharma worth $94,000 as of its most recent filing with the Securities and Exchange Commission. 52.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MEIP. Brookline Capital Management downgraded shares of MEI Pharma from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 22nd. StockNews.com began coverage on shares of MEI Pharma in a research report on Thursday. They issued a “buy” rating for the company. Finally, Laidlaw downgraded shares of MEI Pharma from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, MEI Pharma currently has an average rating of “Hold” and a consensus target price of $7.00.

MEI Pharma Stock Performance

Shares of MEIP stock traded down $0.03 during trading hours on Friday, reaching $3.03. The company had a trading volume of 13,467 shares, compared to its average volume of 49,647. The company has a market capitalization of $20.18 million, a P/E ratio of 0.77 and a beta of 0.86. MEI Pharma has a twelve month low of $2.73 and a twelve month high of $7.87. The stock’s fifty day simple moving average is $3.18 and its 200 day simple moving average is $3.27.

About MEI Pharma

MEI Pharma, Inc, a clinical-stage pharmaceutical company, focuses on the development and commercialization of various therapies for the treatment of cancer. The company develops Zandelisib, an oral phosphatidylinositol 3-kinase delta inhibitor for the treatment of patients with relapsed/refractory follicular lymphoma; and Voruciclib, an oral cyclin-dependent kinase 9 inhibitor, which is in Phase I clinical trial for acute myeloid leukemia and B-cell malignancies.