Roth Capital Reiterates Buy On Shares Of MEI Pharma, $22 PT
In a research report sent to investors today, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on MEI Pharma (NASDAQ:MEIP) with a price target of $22, which represents a potential upside of 165% from where the stock is currently trading.
Pantginis said, “We are pleased with the progression of the study and look to an update from ~30 patients at ASH which should include further response rate data as well as duration of response data from earlier enrolled patients. We believe that clinical data flow will be the major driver for the stock beginning at ASH this year and into 1H15. The main value drivers will be data from the three ongoing Phase II studies of pracinostat in MDS and AML, in our belief. Clinical data to date shows a promising efficacy profile for pracinostat in hematological malignancies, in our view. These include a rapid ORR in AML and MDS with responses seen after 1-2 treatment cycles as single agent and in combination with azacitidine. While still early in development, we believe MEI-344 also shows promise with prolonged anti-tumor activity against multiple solid tumor types.”
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 -7.8% and a 39.3% success rate. Pantginis has a 8.5% average return when recommending MEIP, and is ranked #3332 out of 3363 analysts.