MEI Pharma, Inc. (NASDAQ:MEIP – Get Free Report) 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 – Free Report) 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.
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.
Read Our Latest Stock Analysis on MEI Pharma
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.
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