In a research report published Wednesday, Cantor analyst Daniel Brims reiterated a Buy rating on shares of MEI Pharma Inc (NASDAQ:MEIP), with a price target of $7, which implies an upside of 281% from current levels. The report follows the company’s fiscal fourth-quarter financial results and update on its clinical progress.
Brims noted, “MEIP ended the quarter with $64M in cash and equivalence, which we believe should fund operations throug.” Furthermore, “We expect MEIP to present more mature and meaningful overall survival data from the phase 2 AML trial at ASH’15 (Orlando, FL, Dec. 5-8). Interim data cuts have suggested a durable response to pracinostat, and we believe an observed OS >12 months will justify continued develop.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Daniel Brims has a total average return of -3.0% and a 34.0% success rate. Brims has a -55.1% average return when recommending MEIP, and is ranked #3074 out of 3742 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 331%, the stock’s consensus target price stands at $7.93.