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

MEI Pharma, Inc. (NASDAQ:MEIP) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 11,200 shares, a drop of 30.4% from the August 15th total of 16,100 shares. Based on an average trading volume of 97,400 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.2% of the shares of the stock are short sold.

MEI Pharma Stock Performance

MEI Pharma stock traded up $0.02 during trading on Monday, reaching $3.05. The company had a trading volume of 10,902 shares, compared to its average volume of 49,429. MEI Pharma has a 12-month low of $2.73 and a 12-month high of $7.87. The stock’s 50 day moving average price is $3.18 and its two-hundred day moving average price is $3.26. The firm has a market capitalization of $20.31 million, a price-to-earnings ratio of 0.79 and a beta of 0.86.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Brookline Capital Management downgraded shares of MEI Pharma from a “strong-buy” rating to a “hold” rating in a report on Monday, July 22nd. Laidlaw downgraded shares of MEI Pharma from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Finally, StockNews.com assumed coverage on shares of MEI Pharma in a report on Thursday. They set a “buy” rating for the company. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $7.00.

Institutional Investors Weigh In On MEI Pharma

A hedge fund recently bought a new stake in MEI Pharma stock. National Bank of Canada FI acquired a new position in shares of MEI Pharma, Inc. (NASDAQ:MEIP) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 6,000 shares of the company’s stock, valued at approximately $36,000. National Bank of Canada FI owned 0.09% of MEI Pharma as of its most recent SEC filing. 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.