Oppenheimer analyst Leah R. Cann assigned a Buy rating to MEI Pharma (NASDAQ: MEIP) today and set a price target of $4.50. The company’s shares opened today at $3.30, close to its 52-week high of $3.55.
Cann observed:
“Today’s announcement supports our outlook that Helsinn could launch Pracinostat for the treatment of MDS in 2023. The results released today for the ongoing phase II at the 45 mg dose, demonstrated excellent tolerability. This study design, at a lower dose, has led to better patient compliance in the MDS setting. By keeping patients on drug with improved tolerability, we are optimistic this study will demonstrate a treatment effect. We currently estimate Pracinostat could result in CY2023 product sales, for AML and MDS combined, of $704.4 million, and CY2023 royalty income to MEI Pharma of nearly $127 million.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 20.3% and a 63.2% 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.
