Roth Capital Maintains Buy on MEI Pharma Inc Following MEI-004 Phase II Update
Roth Capital’s healthcare analyst Joseph Pantginis weighed in with a few insights on MEI Pharma (NASDAQ:MEIP), after the company provided an update from its MEI-004 Phase II study of pracinostat in frontline AML.
The analyst rates the stock a Buy with a $14 price target, which represents a potential upside of 147% from where the stock is currently trading.
Pantginis noted, “We believe these continued signs of efficacy in elderly AML patients speak to pracinostat’s clinical activity. As six month followups continue for the remainder of patients, MEIP is preparing for initiation of the Phase III study in frontline AML, expected to begin in June 2015, at which point full data from the two Phase II studies in frontline AML and MDS are expected. Recall that the study will enroll ~450 patients and will randomize patients at 1:1 ratio for treatment with either pracinostat + azacitidine or placebo + azacitidine. The accepted primary endpoint for accelerated approval is CR with OS being the endpoint needed for full approval.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of 18.9% and a 60.7% success rate. Pantginis has a -15.8% average return when recommending MEIP, and is ranked #29 out of 3505 analysts.