Why MEI Pharma's Stock Is Trading Higher Today

MEI Pharma MEIP shares are trading higher on Friday.

SunTrust Robinson Humphrey initiated coverage on the stock with a Buy rating and a price target of $16 per share.

MEI Pharma is a San Diego-based oncology company focused on the clinical development of novel therapies for cancer. The company's clinical drug candidate includes Pracinostat, an orally available histone deacetylase inhibitor for the treatment of patients with acute myeloid leukemia and myelodysplastic syndrome.

MEI Pharma shares were trading up 4.85% at $3.46 at time of publication on Friday. The stock has a 52-week high of $3.82 and a 52-week low of 72 cents.

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