Short Interest in MEI Pharma, Inc. (NASDAQ:MEIP) Decreases By 60.5%

MEI Pharma, Inc. (NASDAQ:MEIP) was the target of a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 13,100 shares, a drop of 60.5% from the December 15th total of 33,200 shares. Approximately 0.2% of the company’s shares are short sold. Based on an average daily volume of 50,900 shares, the days-to-cover ratio is presently 0.3 days.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on MEI Pharma in a research report on Friday. They set 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.00.

MEI Pharma Trading Down 0.4 %

Shares of NASDAQ:MEIP traded down $0.01 during trading on Monday, reaching $2.69. The stock had a trading volume of 1,486 shares, compared to its average volume of 11,961. The firm’s 50-day simple moving average is $2.73 and its 200 day simple moving average is $2.93. The company has a market capitalization of $17.92 million, a P/E ratio of -0.38 and a beta of 0.78. MEI Pharma has a one year low of $2.30 and a one year high of $5.88.

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

Institutional Investors Weigh In On MEI Pharma

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

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.