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

MEI Pharma, Inc. (NASDAQ:MEIP) was the recipient of a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 48,900 shares, a decline of 23.0% from the November 15th total of 63,500 shares. Based on an average daily volume of 44,200 shares, the short-interest ratio is presently 1.1 days. Approximately 0.7% of the shares of the company are sold short.

MEI Pharma Price Performance

Shares of MEIP stock traded down $0.12 during trading hours on Monday, reaching $2.58. The stock had a trading volume of 57,568 shares, compared to its average volume of 48,411. The firm has a market capitalization of $17.19 million, a PE ratio of -0.39 and a beta of 0.79. The firm has a 50-day simple moving average of $2.85 and a 200-day simple moving average of $2.97. MEI Pharma has a twelve month low of $2.54 and a twelve month high of $6.52.

MEI Pharma (NASDAQ:MEIP) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.20) EPS for the quarter. On average, equities analysts anticipate that MEI Pharma will post -5.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MEIP. National Bank of Canada FI grew its position in MEI Pharma by 43.5% in the 2nd quarter. National Bank of Canada FI now owns 33,000 shares of the company’s stock valued at $94,000 after buying an additional 10,000 shares in the last quarter. World Investment Advisors LLC bought a new stake in shares of MEI Pharma during the 3rd quarter worth about $71,000. Finally, Corsair Capital Management L.P. acquired a new stake in shares of MEI Pharma in the 3rd quarter worth approximately $69,000. 52.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on shares of MEI Pharma in a report on Monday, December 9th. 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. Based on data from MarketBeat, MEI Pharma has an average rating of “Hold” and a consensus 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.