In a report released today, Leah R. Cann from Oppenheimer maintained a Buy rating on MEI Pharma (MEIP), with a price target of $7.50. The company’s shares closed on Friday at $2.88.
“Preclinical data for Voruciclib demonstrated that it synergizes with venetoclax in AML cells, and supports expanding clinical investigation of the combination in AML. This compound potentially addresses one of the largest potential markets, CLL, of any of MEI’s compounds. Updated phase Ib data for ME-401 demonstrated response rates that remain impressive in follicular lymphoma (FL) and CLL/SLL. Importantly, safety mitigation data, for continuous verses intermittent dosing, and switching between the two, led to 89% of patients remaining on therapy, and 72% having no evidence of disease progression. These results informed the global randomized study that is being launched. We currently anticipate ME-401 being filed with FDA in 2021, and could launch in 2022 with sales of $620.6 million by 2023E.”
According to TipRanks.com, Cann is a 4-star analyst with an average return of 3.6% and a 42.8% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for MEI Pharma with a $7.50 average price target.
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The company has a one-year high of $5.14 and a one-year low of $1.79. Currently, MEI Pharma has an average volume of 315.8K.
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MEI Pharma, Inc. engages in the clinical development of novel therapies for cancer. Its drug candidates includes Pracinostat, an oral HDAC inhibitor that is being developed in combination with azacitidine for the treatment of acute myeloid leukemia and myelodysplastic syndrome.