Short Interest in MEI Pharma, Inc. (NASDAQ:MEIP) Expands By 12,046.9%

MEI Pharma, Inc. (NASDAQ:MEIP) was the recipient of a significant increase in short interest during the month of July. As of July 31st, there was short interest totaling 2,150,000 shares, anincreaseof12,046.9% from the July 15th total of 17,700 shares. Based on an average trading volume of 992,300 shares, the days-to-cover ratio is presently 2.2 days. Currently,34.2% of the company’s shares are sold short. Currently,34.2% of the company’s shares are sold short. Based on an average trading volume of 992,300 shares, the days-to-cover ratio is presently 2.2 days.

MEI Pharma Stock Performance

Shares of NASDAQ MEIP opened at $4.89 on Friday. MEI Pharma has a 1 year low of $1.46 and a 1 year high of $9.00. The firm’s 50 day moving average price is $3.81 and its 200 day moving average price is $2.81. The firm has a market cap of $158.29 million, a P/E ratio of -1.03 and a beta of 0.37.

MEI Pharma (NASDAQ:MEIP) last announced its earnings results on Tuesday, May 13th. The company reported ($0.39) earnings per share (EPS) for the quarter. As a group, equities analysts predict that MEI Pharma will post -5.1 EPS for the current year.

Institutional Trading of MEI Pharma

A number of hedge funds have recently bought and sold shares of the company. Rangeley Capital LLC purchased a new position in MEI Pharma during the second quarter worth approximately $25,000. Toronto Dominion Bank purchased a new position in MEI Pharma during the fourth quarter worth approximately $62,000. Finally, Northern Trust Corp raised its stake in MEI Pharma by 54.5% during the fourth quarter. Northern Trust Corp now owns 35,596 shares of the company’s stock worth $88,000 after purchasing an additional 12,561 shares during the period. Institutional investors and hedge funds own 52.38% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen began coverage on shares of MEI Pharma in a research report on Sunday, May 18th. They set a “buy” rating on the stock.

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.