Short Interest in MEI Pharma, Inc. (NASDAQ:MEIP) Declines By 21.6%

MEI Pharma, Inc. (NASDAQ:MEIP) was the target of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 63,500 shares, a drop of 21.6% from the October 31st total of 81,000 shares. Based on an average trading volume of 43,100 shares, the short-interest ratio is presently 1.5 days. Approximately 1.0% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on shares of MEI Pharma in a research report on Saturday, November 23rd. They set a “buy” rating for the company. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.00.

Hedge Funds Weigh In On MEI Pharma

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

MEI Pharma Price Performance

MEI Pharma stock opened at $2.80 on Friday. MEI Pharma has a one year low of $2.61 and a one year high of $6.91. The stock’s 50 day moving average price is $2.87 and its 200 day moving average price is $3.00.

MEI Pharma (NASDAQ:MEIP) last posted its earnings results on Tuesday, November 12th. The company reported ($1.20) EPS for the quarter. As a group, research analysts predict that MEI Pharma will post -5.1 earnings per share for the current 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.