Short Interest in MEI Pharma, Inc. (NASDAQ:MEIP) Decreases By 39.7%

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Toronto Dominion Bank purchased a new stake in shares of MEI Pharma in the fourth quarter worth approximately $62,000. Northern Trust Corp lifted its stake in MEI Pharma by 54.5% during the 4th quarter. Northern Trust Corp now owns 35,596 shares of the company’s stock valued at $88,000 after acquiring an additional 12,561 shares in the last quarter. Virtu Financial LLC purchased a new position in MEI Pharma during the 4th quarter worth $26,000. Finally, World Investment Advisors LLC bought a new stake in shares of MEI Pharma in the 3rd quarter worth $71,000. 52.38% of the stock is currently owned by institutional investors and hedge funds.

MEI Pharma Stock Performance

Shares of NASDAQ MEIP traded up $0.01 during trading on Friday, hitting $2.35. 12,514 shares of the company traded hands, compared to its average volume of 45,655. The firm has a market capitalization of $15.66 million, a price-to-earnings ratio of -0.41 and a beta of 0.76. The business’s fifty day moving average is $2.59 and its 200 day moving average is $2.72. MEI Pharma has a fifty-two week low of $2.26 and a fifty-two week high of $4.11.

MEI Pharma (NASDAQ:MEIP) last announced its quarterly earnings results on Wednesday, February 12th. The company reported ($0.48) earnings per share (EPS) for the quarter. On average, analysts predict that MEI Pharma will post -5.1 EPS for the current year.

Wall Street Analyst Weigh In

Separately, StockNews.com started coverage on shares of MEI Pharma in a research note on Sunday, March 23rd. They issued a “buy” rating for the company.

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.