MEI Pharma, Inc. (NASDAQ:MEIP) Short Interest Down 62.7% in July

MEI Pharma, Inc. (NASDAQ:MEIP) was the target of a significant drop in short interest in July. As of July 15th, there was short interest totalling 6,600 shares, a drop of 62.7% from the June 30th total of 17,700 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 97,300 shares, the days-to-cover ratio is currently 0.1 days.

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 shares of MEI Pharma, Inc. (NASDAQ:MEIP) during the 4th quarter, according to its most recent Form 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 approximately 0.09% of MEI Pharma as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 52.38% of the company’s stock.

MEI Pharma Price Performance

NASDAQ:MEIP traded up $0.15 during mid-day trading on Thursday, reaching $3.46. The company’s stock had a trading volume of 50,467 shares, compared to its average volume of 57,356. The company’s fifty day simple moving average is $2.95 and its two-hundred day simple moving average is $3.66. MEI Pharma has a twelve month low of $2.73 and a twelve month high of $7.87. The stock has a market cap of $23.04 million, a P/E ratio of 0.88 and a beta of 0.86.

MEI Pharma (NASDAQ:MEIP) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($1.37) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.01. Sell-side analysts expect that MEI Pharma will post 3.22 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on MEIP. StockNews.com began coverage on MEI Pharma in a research report on Thursday, July 18th. They set a “buy” rating for the company. Stifel Nicolaus reiterated a “hold” rating and set a $7.00 price objective on shares of MEI Pharma in a research report on Friday, April 12th. Laidlaw cut MEI Pharma from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Brookline Capital Management cut MEI Pharma from a “strong-buy” rating to a “hold” rating in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, MEI Pharma currently has a consensus rating of “Hold” and an average target price of $7.00.

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.