Short Interest in MEI Pharma, Inc. (NASDAQ:MEIP) Declines By 39.7%

MEI Pharma, Inc. (NASDAQ:MEIP) was the recipient of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 3,500 shares, a drop of 39.7% from the February 28th total of 5,800 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average daily trading volume, of 17,100 shares, the short-interest ratio is currently 0.2 days.

Institutional Trading of MEI Pharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Toronto Dominion Bank acquired a new position in shares of MEI Pharma in the fourth quarter valued at approximately $62,000. World Investment Advisors LLC purchased a new position in MEI Pharma in the 3rd quarter valued at $71,000. Northern Trust Corp raised its position in MEI Pharma by 54.5% during the 4th quarter. Northern Trust Corp now owns 35,596 shares of the company’s stock worth $88,000 after buying an additional 12,561 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of MEI Pharma in the 4th quarter worth $26,000. 52.38% of the stock is owned by hedge funds and other institutional investors.

MEI Pharma Stock Performance

NASDAQ MEIP traded up $0.01 on Friday, reaching $2.35. The stock had a trading volume of 12,514 shares, compared to its average volume of 45,655. The stock has a market cap of $15.66 million, a P/E ratio of -0.41 and a beta of 0.76. MEI Pharma has a 12-month low of $2.26 and a 12-month high of $4.11. The business’s 50-day moving average price is $2.59 and its 200 day moving average price is $2.72.

MEI Pharma (NASDAQ:MEIP) last released its quarterly earnings results on Wednesday, February 12th. The company reported ($0.48) EPS for the quarter. On average, sell-side analysts predict that MEI Pharma will post -5.1 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on shares of MEI Pharma in a research report on Sunday, March 23rd. They issued a “buy” rating for the company.

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.