In a research report released Friday, Wedbush analyst David Nierengarten reiterated a Neutral rating on MEI Pharma Inc (NASDAQ:MEIP) with a $3 price target, which represents a potential upside of 58% from where the stock is currently trading. The report comes after the company reported updated results for its phase 2 study of Pracinostat in frontline elderly AML patients at the European Hematology Association (EHA) Annual Congress.
Nierengarten noted, “We look forward to the mature overall survival data, expected later this year, as this will allow the company to determine its future plans going forward with Pracinostat in AML. Recall, plans for a pivotal Ph 3 study of Pracinostat in combination with Vidaza in frontline elderly AML patients were delayed after the Ph 3 study in previously treated MDS patients did not meet its endpoint.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst David Nierengarten has a total average return of 56.9% and a 65.0% success rate. Nierengarten has a -46.4% average return when recommending MEIP, and is ranked #9 out of 3623 analysts.
Out of the 6 analysts polled by TipRanks, 4 rate MEI Pharma stock a Buy, while 2 rate the stock a Hold. With a return potential of 247.6%, the stock’s consensus target price stands at $6.60.