MEI Pharma (MEIP) Initiated with a Buy at Oppenheimer


Oppenheimer analyst Leland Gershell initiated coverage with a Buy rating on MEI Pharma (MEIP) today and set a price target of $7. The company’s shares closed yesterday at $2.78.

Gershell said:

“We are assuming coverage of MEIP with an Outperform rating and a 12- to 18- month price target of $7 (prior $7.50). Key value driver for oncology-focused MEI Pharma is ME-401, a novel PI3K inhibitor that has shown encouraging Phase 2 efficacy in r/r follicular lymphoma, and we look forward to more mature durability data to be presented at ASCO. We expect ME-401 to eventually split the FL market with EPZM’s EZH2 inhibitor tazemetostat within the ~80% of patients that do not possess EZH2 activating mutations. Pracinostat is an oral HDAC inhibitor poised for routine adjunctive use to current AML therapy in the chemo-intolerant population, for which partner Helsinn is ~midway through a registration trial.”

According to TipRanks.com, Gershell is a 2-star analyst with an average return of 1.6% and a 36.8% success rate. Gershell covers the Healthcare sector, focusing on stocks such as Evofem Biosciences Inc, AzurRx BioPharma Inc, and Urogen Pharma Ltd.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for MEI Pharma with a $7.67 average price target, representing a 175.9% upside. In a report issued on February 12, BTIG also initiated coverage with a Buy rating on the stock with a $5.50 price target.

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The company has a one-year high of $5.14 and a one-year low of $1.82. Currently, MEI Pharma has an average volume of 252.1K.

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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.

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