Oppenheimer analyst Leah R. Cann maintained a Buy rating on MEI Pharma (NASDAQ: MEIP) today and set a price target of $4.50. The company’s shares closed yesterday at $2.53.
Cann commented:
“We have expected that ME-401 will advance from phase Ib to a phase III study or a registration quality phase II after phase Ib data are available in mid-2018, which is now confirmed. We anticipate this could lead to ME-401 being filed with FDA in 2021. Today’s announced financing transaction supports our outlook for the timing of a registrational study for ME-401, and we continue to anticipate it could launch in 2022 with sales of $620 million by 2023. ME-401 is one of four development-stage assets in MEI Pharma’s portfolio and is the second most advanced.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 15.6% and a 58.3% success rate. Cann covers the Healthcare sector, focusing on stocks such as Miragen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.
MEI Pharma has an analyst consensus of Moderate Buy, with a price target consensus of $4.50.
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The company has a one-year high of $3.26 and a one-year low of $1.58. Currently, MEI Pharma has an average volume of 130.1K.
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MEI Pharma, Inc. is an oncology company, which engages in clinical development of novel small molecules for the treatment of cancer. It develops drugs for the treatment of cancer. The company was founded on December 1, 2000 and is headquartered in San Diego, CA.
