MEI Pharma, Inc. (NASDAQ:MEIP) Short Interest Up 504.5% in October

MEI Pharma, Inc. (NASDAQ:MEIP) was the target of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 81,000 shares, a growth of 504.5% from the October 15th total of 13,400 shares. Approximately 1.2% of the company’s shares are sold short. Based on an average trading volume of 42,500 shares, the days-to-cover ratio is presently 1.9 days.

Analysts Set New Price Targets

MEIP has been the subject of a number of recent analyst reports. StockNews.com began coverage on shares of MEI Pharma in a report on Thursday, November 7th. They set a “buy” rating for the company. Brookline Capital Management cut MEI Pharma from a “strong-buy” rating to a “hold” rating in a report on Monday, July 22nd. Finally, Laidlaw lowered MEI Pharma from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, MEI Pharma presently has an average rating of “Hold” and a consensus price target of $7.00.

Institutional Inflows and Outflows

An institutional investor recently raised its position in MEI Pharma stock. National Bank of Canada FI grew its holdings in MEI Pharma, Inc. (NASDAQ:MEIP) by 43.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,000 shares of the company’s stock after purchasing an additional 10,000 shares during the quarter. National Bank of Canada FI owned about 0.50% of MEI Pharma worth $94,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 52.38% of the stock is owned by hedge funds and other institutional investors.

MEI Pharma Trading Up 0.3 %

Shares of MEI Pharma stock traded up $0.01 during trading hours on Tuesday, reaching $3.14. 12,047 shares of the company’s stock were exchanged, compared to its average volume of 51,354. The stock has a market cap of $20.91 million, a P/E ratio of 1.17 and a beta of 0.83. The company has a 50 day moving average of $2.92 and a two-hundred day moving average of $3.02. MEI Pharma has a fifty-two week low of $2.61 and a fifty-two week high of $7.87.

MEI Pharma (NASDAQ:MEIP) last announced its quarterly earnings results on Thursday, September 19th. The company reported ($1.13) EPS for the quarter, beating analysts’ consensus estimates of ($1.48) by $0.35. As a group, analysts expect that MEI Pharma will post -5.1 earnings per share for the current fiscal year.

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.