Why the price jumped more than 16% today

  • MEI Pharma Inc (NASDAQ:MEIP) stock price rose more than 16% in intraday trading today. That is why.

MEI Pharma Inc (NASDAQ:MEIP) stock price rose more than 16% in intraday trading today. Investors react positively to a bullish research report.

Brookline Capital Markets analyst Leah Rush Cann reiterated a “Buy” rating on the stock. And Cann has assigned the company a price target of $15 on the company.

Cann had adjusted the rating following the company’s AACR presentations.

“The preclinical data for ME-344 in AML presented on Friday, April 8, 2022 at the AACR are consistent with the preclinical data presented at the American Society of Hematology (ASH) in December 2021, and support the combination of ME- 344 with venetoclax to treat AML,” Cann wrote in a research note. “We have estimated no sales of ME-344 through 2026, but we expect MEI Pharma to initiate a second-line colorectal cancer study in 2022, and we believe ME-344 could be evaluated further in a study combined with venetoclax in leukaemia. . Zandelisib preclinical data supports the use of zandelisib in combination with ibrutinib in CLL, which is currently in a Phase Ib study and is expected to have clinical data this year. Our outlook currently does not include any revenue contribution from ME-344 or any revenue contribution from zandelisib under CLL. Based on the favorable preclinical data presented on Friday and the ongoing development of these two compounds, it is likely that they could improve our longer-term outlook.

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Eleanor C. William