H.C. Wainwright Reaffirms Their Buy Rating on MEI Pharma (MEIP)


H.C. Wainwright analyst Andrew Fein maintained a Buy rating on MEI Pharma (MEIP) today and set a price target of $10. The company’s shares closed on Friday at $2.47.

Fein observed:

“$10 PT ICML data update points to expanded opportunity in chronic lymphocytic leukemia and small lymphocytic lymphoma (CLL/SLL). On the heels of reporting promising data in follicular lymphoma (FL) at ASCO earlier this month, MEI Pharma presented more color on its ongoing Phase 1b study in B-cell lymphomas in an oral presentation at ICML. Herein, we highlight the newly reported 100% objective response rates (ORR) with favorable safety in CLL/ SLL, which we believe may bring PI3K inhibition back in the game in the highly competitive CLL/SLL landscape (discussed below).”

According to TipRanks.com, Fein is a 3-star analyst with an average return of 0.7% and a 43.4% success rate. Fein covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Proteostasis Therapeutics Inc, and ACADIA Pharmaceuticals Inc.

Currently, the analyst consensus on MEI Pharma is a Moderate Buy with an average price target of $8.50.

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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 $17.36 million. In comparison, last year the company had a GAAP net loss of $5.95 million.

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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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