Oppenheimer Keeps a Buy Rating on MEI Pharma

By Ryan Adsit

Oppenheimer analyst Leah R. Cann reiterated a Buy rating on MEI Pharma (NASDAQ: MEIP) today and set a price target of $6.50. The company’s shares closed last Friday at $2.30, close to its 52-week high of $2.35.

R. Cann commented:

“MEI Pharma and partner Helsinn presented positive findings at the European Hematology Association (EHA) meeting in Madrid, Spain from a genetic mutation analysis of patients in a phase II clinical study of the investigational drug pracinostat and azacitidine in acute myeloid leukemia (AML). These data were previously presented at ASCO in early June 2017. These data support our outlook that Helsinn could launch Pracinostat for the treatment of AML and other potential indications in calendar Q1 2022. Potential sales will be recognized in the form of royalty income by MEI Pharma.”

According to TipRanks.com, Cann is a 4-star analyst with an average return of 12.5% and a 84.3% success rate. Cann covers the Healthcare sector, focusing on stocks such as CytomX Therapeutics Inc, Syros Pharmaceuticals, and Seattle Genetics.

MEI Pharma has an analyst consensus of Moderate Buy, with a price target consensus of $4.50.

The company has a one year high of $2.35 and a one year low of $1.25. Currently, MEI Pharma has an average volume of 279.1K.

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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.,05JYQC-E