In a report released today, Leah R. Cann from Oppenheimer maintained a Buy rating on MEI Pharma (NASDAQ: MEIP), with a price target of $4.50. The company’s shares opened today at $3.57, close to its 52-week high of $3.75.
Cann noted:
“We have anticipated 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, which is now confirmed. The results of the phase Ib study, presented at ASCO, are very impressive, with ORR of 90%. We anticipate this could lead to ME-401 being filed with FDA in 2021. These data support 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 20.0% and a 62.3% 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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Based on MEI Pharma’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $5.95 million. In comparison, last year the company had a GAAP net loss of $602K.
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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.
