Short Interest in MEI Pharma, Inc. (NASDAQ:MEIP) Decreases By 23.0%

MEI Pharma, Inc. (NASDAQ:MEIP) was the target of a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 48,900 shares, a decline of 23.0% from the November 15th total of 63,500 shares. Approximately 0.7% of the company’s stock are short sold. Based on an average daily volume of 44,200 shares, the days-to-cover ratio is presently 1.1 days.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on MEI Pharma in a report on Monday, December 9th. They issued a “buy” rating for the company. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $7.00.

MEI Pharma Stock Performance

MEIP remained flat at $2.70 during trading on Friday. 14,107 shares of the company traded hands, compared to its average volume of 48,373. MEI Pharma has a one year low of $2.61 and a one year high of $6.69. The firm’s 50 day moving average price is $2.85 and its two-hundred day moving average price is $2.97. The firm has a market capitalization of $17.98 million, a price-to-earnings ratio of -0.39 and a beta of 0.79.

MEI Pharma (NASDAQ:MEIP) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.20) EPS for the quarter. On average, research analysts anticipate that MEI Pharma will post -5.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MEI Pharma

Large investors have recently added to or reduced their stakes in the company. National Bank of Canada FI raised its holdings in MEI Pharma by 43.5% during the 2nd quarter. National Bank of Canada FI now owns 33,000 shares of the company’s stock valued at $94,000 after acquiring an additional 10,000 shares during the period. Corsair Capital Management L.P. bought a new stake in shares of MEI Pharma during the 3rd quarter valued at $69,000. Finally, World Investment Advisors LLC purchased a new stake in MEI Pharma during the 3rd quarter worth about $71,000. Hedge funds and other institutional investors own 52.38% of the company’s stock.

MEI Pharma Company Profile

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.