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 in the month of January. As of January 15th, there was short interest totalling 13,100 shares, a decrease of 60.5% from the December 31st total of 33,200 shares. Currently, 0.2% of the company’s shares are sold short. Based on an average trading volume of 50,900 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Investors Weigh In On MEI Pharma

A hedge fund recently bought a new stake in MEI Pharma stock. World Investment Advisors LLC purchased a new position in shares of MEI Pharma, Inc. (NASDAQ:MEIP) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 25,000 shares of the company’s stock, valued at approximately $71,000. World Investment Advisors LLC owned 0.38% of MEI Pharma at the end of the most recent reporting period. 52.38% of the stock is currently owned by hedge funds and other institutional investors.

MEI Pharma Stock Performance

NASDAQ:MEIP traded down $0.02 during mid-day trading on Tuesday, hitting $2.85. The company had a trading volume of 2,750 shares, compared to its average volume of 13,405. MEI Pharma has a fifty-two week low of $2.30 and a fifty-two week high of $4.97. The business’s fifty day moving average is $2.68 and its two-hundred day moving average is $2.93. The firm has a market cap of $18.95 million, a P/E ratio of -0.41 and a beta of 0.78.

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

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on MEI Pharma in a research note on Sunday. 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. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $7.00.

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.