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

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

Hedge Funds Weigh In On MEI Pharma

A hedge fund recently bought a new stake in MEI Pharma stock. Cable Car Capital LLC purchased a new position in MEI Pharma, Inc. (NASDAQ:MEIP) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 611,440 shares of the company’s stock, valued at approximately $3,546,000. MEI Pharma makes up about 3.9% of Cable Car Capital LLC’s portfolio, making the stock its 10th biggest holding. Cable Car Capital LLC owned approximately 9.18% of MEI Pharma at the end of the most recent reporting period. Institutional investors and hedge funds own 52.38% of the company’s stock.

MEI Pharma Stock Performance

MEIP stock traded up $0.15 during trading on Thursday, reaching $3.46. The company had a trading volume of 50,467 shares, compared to its average volume of 57,356. The firm has a 50-day simple moving average of $2.95 and a 200-day simple moving average of $3.66. The company has a market cap of $23.04 million, a price-to-earnings ratio of 0.88 and a beta of 0.86. MEI Pharma has a twelve month low of $2.73 and a twelve month high of $7.87.

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

Analyst Ratings Changes

Several research analysts have issued reports on MEIP shares. Stifel Nicolaus reiterated a “hold” rating and set a $7.00 target price on shares of MEI Pharma in a report on Friday, April 12th. Laidlaw cut shares of MEI Pharma from a “buy” rating to a “hold” rating in a report on Tuesday. Brookline Capital Management cut shares of MEI Pharma from a “strong-buy” rating to a “hold” rating in a report on Monday. Finally, StockNews.com started coverage on shares of MEI Pharma in a report on Thursday, July 18th. They set a “buy” rating on the stock. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, MEI Pharma currently has a consensus rating of “Hold” and an average price target 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.