Cantor Fitzgerald Starts MEI Pharma (MEIP) at Buy

Cantor Fitzgerald initiated coverage on MEI Pharma (NASDAQ: MEIP) with a Buy rating and a price target of $14.00.

Analyst Daniel Brims said, "We are initiating coverage of MEIP with a BUY rating and $14 price target, which is based primarily on lead drug candidate Pracinostat’s expected peak revenue of $700M in two indications, MDS and AML. We forecast the commercial launch of Pracinostat in 2017/2018 contributing $10/share to our valuation. MEIP has initiated three Phase 2 trials to assess Pracinostat in front-line AML and MDS, as well as refractory MDS, and we expect several important catalysts for Pracinostat during 4Q:14. Beyond Pracinostat, MEIP is also developing ME-344, which is in Phase 1B testing for small cell lung and ovarian cancer, and PWT-143, a preclinical PI3 Kinase inhibitor. We have assigned $3/share and $1/share in value, respectively, due to the early stage of development of these assets."

For an analyst ratings summary and ratings history on MEI Pharma click here. For more ratings news on MEI Pharma click here.

Shares of MEI Pharma closed at $6.97 yesterday.

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