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

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

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on shares of MEI Pharma in a research report on Monday. They set a “buy” rating for the company.

Institutional Investors Weigh In On MEI Pharma

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

MEI Pharma Trading Down 1.5 %

NASDAQ MEIP traded down $0.04 on Monday, reaching $2.32. 10,071 shares of the stock were exchanged, compared to its average volume of 45,514. MEI Pharma has a one year low of $2.26 and a one year high of $4.11. The firm has a market capitalization of $15.42 million, a PE ratio of -0.40 and a beta of 0.76. The company’s 50-day simple moving average is $2.59 and its two-hundred day simple moving average is $2.72.

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

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.