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

MEI Pharma, Inc. (NASDAQ:MEIP) was the target of a large decline in short interest in January. As of January 15th, there was short interest totalling 13,100 shares, a decline of 60.5% from the December 31st total of 33,200 shares. Currently, 0.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 50,900 shares, the days-to-cover ratio is currently 0.3 days.

MEI Pharma Price Performance

Shares of MEIP stock traded down $0.02 during trading hours on Tuesday, hitting $2.85. 2,750 shares of the company’s stock were exchanged, compared to its average volume of 13,405. The stock’s 50-day moving average is $2.68 and its 200-day moving average is $2.93. The stock has a market cap of $18.95 million, a price-to-earnings ratio of -0.41 and a beta of 0.78. MEI Pharma has a 52 week low of $2.30 and a 52 week high of $4.97.

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

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on MEI Pharma in a research note on Sunday. They issued a “buy” rating on the stock. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $7.00.

Hedge Funds Weigh In On MEI Pharma

A hedge fund recently bought a new stake in MEI Pharma stock. World Investment Advisors LLC purchased a new stake in shares of MEI Pharma, Inc. (NASDAQ:MEIP) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 25,000 shares of the company’s stock, valued at approximately $71,000. World Investment Advisors LLC owned 0.38% of MEI Pharma as of its most recent SEC filing. Institutional investors own 52.38% of the company’s stock.

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.