Cann reiterated their buy rating on shares of MEI Pharma (NASDAQ:MEIP) in a research report report published on Monday. The brokerage currently has a $6.50 price target on the stock.

“An investigator-sponsored study evaluating the correlation between response and duration of treatment in a phase II study of Pracinostat plus azacitidine in elderly patients with acute myeloid leukemia (AML) was presented at 2017 American Society of Hematology meeting. The objective of this post-hoc analysis was to evaluate whether there was a correlation between the duration of Pracinostat treatment and likelihood of a response to treatment.”,” Cann’s analyst commented.

MEIP has been the topic of several other reports. Zacks Investment Research raised MEI Pharma from a hold rating to a strong-buy rating and set a $3.25 target price on the stock in a research report on Saturday, September 9th. ValuEngine lowered MEI Pharma from a hold rating to a sell rating in a research report on Friday, December 1st.

Shares of MEI Pharma (NASDAQ MEIP) traded down $0.13 during trading hours on Monday, reaching $2.14. The company had a trading volume of 147,600 shares, compared to its average volume of 268,516. MEI Pharma has a 12 month low of $1.34 and a 12 month high of $3.26.

A number of institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC boosted its stake in shares of MEI Pharma by 58.6% in the first quarter. Renaissance Technologies LLC now owns 1,564,428 shares of the company’s stock worth $2,534,000 after buying an additional 578,009 shares during the last quarter. OxFORD Asset Management LLP boosted its stake in shares of MEI Pharma by 96.9% in the third quarter. OxFORD Asset Management LLP now owns 462,846 shares of the company’s stock worth $1,254,000 after buying an additional 227,821 shares during the last quarter. Algert Global LLC purchased a new stake in shares of MEI Pharma in the third quarter worth about $586,000. ClariVest Asset Management LLC purchased a new stake in shares of MEI Pharma in the second quarter worth about $480,000. Finally, Russell Investments Group Ltd. boosted its stake in shares of MEI Pharma by 659.3% in the third quarter. Russell Investments Group Ltd. now owns 204,199 shares of the company’s stock worth $547,000 after buying an additional 177,306 shares during the last quarter. Institutional investors and hedge funds own 23.32% of the company’s stock.

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MEI Pharma Company Profile

MEI Pharma, Inc is an oncology company. The Company is focused on the clinical development of drugs and therapies for treatment of cancer. The Company’s portfolio of clinical drug candidates includes Pracinostat, ME-344 and PWT143. Pracinostat is an orally available histone deacetylase (HDAC) inhibitor indicated for the treatment of advanced hematologic diseases, such as acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS).

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