MEI Pharma, Inc. (NASDAQ:MEIP) Sees Large Drop in Short Interest

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

MEI Pharma Stock Up 0.7 %

MEIP traded up $0.02 during midday trading on Monday, hitting $3.05. 10,902 shares of the company were exchanged, compared to its average volume of 49,429. The firm’s 50 day moving average price is $3.18 and its 200-day moving average price is $3.26. MEI Pharma has a 1-year low of $2.73 and a 1-year high of $7.87. The firm has a market capitalization of $20.31 million, a P/E ratio of 0.79 and a beta of 0.86.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MEIP shares. Laidlaw lowered MEI Pharma from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. 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. Finally, StockNews.com began coverage on shares of MEI Pharma in a report on Thursday. They set a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $7.00.

Hedge Funds Weigh In On MEI Pharma

A hedge fund recently bought a new stake in MEI Pharma stock. National Bank of Canada FI purchased a new position in MEI Pharma, Inc. (NASDAQ:MEIP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 6,000 shares of the company’s stock, valued at approximately $36,000. National Bank of Canada FI owned 0.09% of MEI Pharma as of its most recent filing with the Securities and Exchange Commission. 52.38% of the stock is currently owned by institutional investors.

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.