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Equities research analysts at Wedbush assumed coverage on shares of MEI Pharma (NASDAQ:MEIP) in a research note issued to investors on Thursday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating and a $12.00 price target on the stock. Wedbush’s target price suggests a potential upside of 50.56% from the stock’s previous close.

The analysts wrote, “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 (NASDAQ:MEIP) traded up 2.13% during mid-day trading on Thursday, hitting $8.14. 23,157 shares of the company’s stock traded hands. MEI Pharma has a 1-year low of $4.37 and a 1-year high of $13.20. The stock’s 50-day moving average is $8.35 and its 200-day moving average is $8.10. The company’s market cap is $175.0 million.

Other equities research analysts have also recently issued reports about the stock. Analysts at Stifel Nicolaus raised their price target on shares of MEI Pharma from $11.00 to $15.00 in a research note to investors on Tuesday, October 22nd. They now have a “buy” rating on the stock. Analysts at Roth Capital raised their price target on shares of MEI Pharma from $16.00 to $20.00 in a research note to investors on Monday, October 21st. They now have a “buy” rating on the stock.

MEI Pharma, Inc, formerly Marshall Edwards, Inc, is a development-stage oncology company. The Company is engaged in the development of drugs for the treatment of cancer.

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