MEI Pharma (NASDAQ:MEIP)‘s stock had its “buy” rating reiterated by investment analysts at Cann in a research note issued to investors on Monday. They presently have a $6.50 price target on the stock. Cann’s price target indicates a potential upside of 186.34% from the stock’s previous close.

The analysts wrote, “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.””

Other equities analysts have also recently issued reports about the company. Zacks Investment Research cut MEI Pharma from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 8th. ValuEngine cut MEI Pharma from a “hold” rating to a “sell” rating in a research note on Friday, December 1st.

MEI Pharma (NASDAQ:MEIP) opened at $2.27 on Monday. MEI Pharma has a one year low of $1.34 and a one year high of $3.26.

Several institutional investors have recently added to or reduced their stakes in MEIP. Renaissance Technologies LLC boosted its stake in shares of MEI Pharma by 58.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,564,428 shares of the company’s stock valued at $2,534,000 after buying an additional 578,009 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in MEI Pharma by 131.7% during the first quarter. Goldman Sachs Group Inc. now owns 80,570 shares of the company’s stock worth $131,000 after purchasing an additional 45,793 shares during the last quarter. Bank of Montreal Can bought a new position in MEI Pharma during the second quarter worth $126,000. Spark Investment Management LLC lifted its stake in MEI Pharma by 119.3% during the second quarter. Spark Investment Management LLC now owns 62,500 shares of the company’s stock worth $149,000 after purchasing an additional 34,000 shares during the last quarter. Finally, ClariVest Asset Management LLC bought a new position in MEI Pharma during the second quarter worth $480,000. Institutional investors own 23.32% of the company’s stock.

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About MEI Pharma

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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