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

MEI Pharma, Inc. (NASDAQ:MEIP – Get Rating) was the recipient of a significant growth in short interest in April. As of April 30th, there was short interest totalling 10,850,000 shares, a growth of 23.0% from the April 15th total of 8,820,000 shares. Based on an average daily trading volume, of 5,630,000 shares, the short-interest ratio is currently 1.9 days. Currently, 10.0% of the shares of the stock are short sold.

Institutional investors and hedge funds have recently modified their holdings of the business. Eagle Asset Management Inc. bought a new position in shares of MEI Pharma during the 4th quarter worth approximately $30,000. Man Group plc acquired a new position in shares of MEI Pharma during the 3rd quarter valued at $34,000. Citigroup Inc. boosted its stake in MEI Pharma by 151.5% during the third quarter. Citigroup Inc. now owns 12,979 shares of the company’s stock worth $36,000 after acquiring an additional 7,818 shares in the last quarter. GSA Capital Partners LLP grew its holdings in MEI Pharma by 111.0% in the first quarter. GSA Capital Partners LLP now owns 60,923 shares of the company’s stock worth $37,000 after purchasing an additional 32,050 shares during the period. Finally, MetLife Investment Management LLC increased its stake in MEI Pharma by 969.4% in the first quarter. MetLife Investment Management LLC now owns 79,966 shares of the company’s stock valued at $48,000 after purchasing an additional 72,488 shares in the last quarter. 60.18% of the stock is currently owned by hedge funds and other institutional investors.

MEIP stock opened at $0.50 on Wednesday. The firm has a market cap of $66.25 million, a PE ratio of -0.84 and a beta of 1.28. The stock has a 50-day moving average price of $0.86 and a 200-day moving average price of $1.89. MEI Pharma has a 1-year low of $0.47 and a 1-year high of $3.55.

MEIP has been the subject of several research analyst reports. StockNews.com initiated coverage on shares of MEI Pharma in a report on Tuesday, May 10th. They set a “hold” rating for the company. Alliance Global Partners dropped their target price on MEI Pharma from $9.00 to $5.00 in a research report on Wednesday, April 20th. BTIG Research lowered their price objective on MEI Pharma from $11.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, March 25th. Truist Financial reduced their target price on shares of MEI Pharma from $8.00 to $3.00 and set a “buy” rating on the stock in a report on Friday, March 25th. Finally, Zacks Investment Research downgraded shares of MEI Pharma from a “buy” rating to a “hold” rating in a research note on Friday, February 4th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $4.97.

MEI Pharma Company Profile (Get Rating)

MEI Pharma, Inc, a late-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 that is in Phase III clinical trial for the treatment of patients with relapsed/refractory follicular lymphoma, as well as in Phase Ib multi-arm trial to treat B-cell malignancies; and Voruciclib, an oral cyclin-dependent kinase 9 inhibitor, which is in Phase Ib clinical trial for acute myeloid leukemia and B-cell malignancies.

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