Market Overview

UPDATE: Wedbush Initiates Coverage on MEI Pharma as Best-in-Class Pracinostat Should Shine

Related MEIP
Mid-Afternoon Market Update: Crude Oil Up 3.5%; Ceragon Shares Drop Following Q2 Results
15 Biggest Mid-Day Gainers For Monday

In a report published Thursday, Wedbush analyst David M. Nierengarten initiated coverage on MEI Pharma (NASDAQ: MEIP) with an Outperform rating and $12.00 price target.

In the report, Wedbush noted, “MEI Pharma is developing pracinostat, a best-in-class oral histone deacetylase inhibitor (HDAC inhibitor), in our view, and it is currently in Phase II development for the treatment of myelodysplastic syndrome (MDS) and acute myelogenous leukemia (AML). Key top-line data from the company's three Phase II trials of pracinostat in front-line AML, refractory and front-line MDS are likely to read out in mid- to late 2014. Phase I data of pracinostat in combination with azacitidine (Vidaza) generated complete responses in 8 of 10 patients, with 5 of the 10 patients able to receive a bone marrow transplant. This best-in-class response rate is consistent with pracinostat's superior pharmacokinetic/dynamic profile, and our view is that, despite the small number of patients, likely to be continued in the proof-of-concept Phase II studies being conducted.”

MEI Pharma closed on Wednesday at $7.97.

Latest Ratings for MEIP

Mar 2015Wells FargoDowngradesOutperformMarket Perform
Mar 2015WedbushDowngradesOutperformNeutral
Mar 2015Stifel NicolausDowngradesBuyHold

View More Analyst Ratings for MEIP
View the Latest Analyst Ratings

Posted-In: David M. Nierengarten WedbushAnalyst Color Initiation Analyst Ratings


Related Articles (MEIP)

View Comments and Join the Discussion!