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

MEI Pharma, Inc. (NASDAQ:MEIP) was the recipient of a large drop in short interest during 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. Currently, 1.0% of the company’s stock are sold short. Based on an average daily trading volume, of 43,100 shares, the short-interest ratio is currently 1.5 days.

Institutional Trading of MEI Pharma

Hedge funds have recently made changes to their positions in the company. Corsair Capital Management L.P. bought a new stake in MEI Pharma during the 3rd quarter valued at $69,000. World Investment Advisors LLC purchased a new position in shares of MEI Pharma in the third quarter valued at $71,000. Finally, National Bank of Canada FI raised its stake in shares of MEI Pharma by 43.5% during the 2nd quarter. National Bank of Canada FI now owns 33,000 shares of the company’s stock valued at $94,000 after purchasing an additional 10,000 shares during the period. 52.38% of the stock is currently owned by institutional investors.

MEI Pharma Stock Up 0.7 %

MEIP traded up $0.02 during trading on Friday, hitting $2.82. 3,058 shares of the company traded hands, compared to its average volume of 49,715. MEI Pharma has a one year low of $2.61 and a one year high of $6.91. The stock’s fifty day moving average is $2.87 and its 200 day moving average is $3.00. The firm has a market cap of $18.79 million, a P/E ratio of -0.40 and a beta of 0.83.

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

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on MEI Pharma in a research note on Saturday, November 23rd. They issued a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus 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.