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

MEI Pharma, Inc. (NASDAQ:MEIP) saw a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 48,900 shares, a drop of 23.0% from the November 15th total of 63,500 shares. Currently, 0.7% of the shares of the stock are sold short. Based on an average daily volume of 44,200 shares, the days-to-cover ratio is currently 1.1 days.

MEI Pharma Stock Down 4.4 %

MEI Pharma stock traded down $0.12 during mid-day trading on Monday, hitting $2.58. The company’s stock had a trading volume of 57,568 shares, compared to its average volume of 48,411. The stock has a market capitalization of $17.19 million, a P/E ratio of -0.39 and a beta of 0.79. MEI Pharma has a twelve month low of $2.54 and a twelve month high of $6.52. The stock’s fifty day moving average price is $2.85 and its two-hundred day moving average price is $2.97.

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

Hedge Funds Weigh In On MEI Pharma

Institutional investors have recently bought and sold shares of the stock. National Bank of Canada FI lifted its stake in MEI Pharma by 43.5% during the second 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. Corsair Capital Management L.P. acquired a new stake in shares of MEI Pharma during the third quarter valued at approximately $69,000. Finally, World Investment Advisors LLC purchased a new stake in shares of MEI Pharma in the 3rd quarter valued at approximately $71,000. Hedge funds and other institutional investors own 52.38% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on shares of MEI Pharma in a research report on Monday, December 9th. They issued a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, MEI Pharma has a consensus rating of “Hold” and a consensus price target of $7.00.

MEI Pharma Company Profile

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.