When a pharmaceutical company provides a positive update with regards to any of its products, then the stock almost always rises, and that is what has happened with MEIP stock.
Positive Development
MEI Pharma Inc (NASDAQ:MEIP) provided updated data from the clinical trial of one of its products, and after the news emerged, MEIP stock jumped by as much as 8% in early trade on Friday. The medicine in question is ME-401, which is meant for the treatment of people suffering from indolent B-cell malignancies. The data relates to the Phase 1B study of the product, and it is believed that the signs are encouraging.
The company announced that the data from the Phase 1B trial is going to be presented at an event on Friday, and it is hardly surprising that investors are highly optimistic about the findings. The MEI’s Investor and Analyst event is going to lay out the data about the medicine in question.
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Speaking about the findings from the updated trial data, the President and Chief Executive Officer Daniel P. Gold stated that ME-401 has exceeded expectations. He said, “ME-401 continues to exceed expectations in the Phase 1b study; the overall response rate remains high at 81% with 73 evaluable FL and CLL/SLL patients being followed for treatment.”
Right now, MEIP stock is up about 8% at $1.94. Despite today’s gain, the stock is still down about 30% year-to-date.
However, that is not all. MEI Pharma is also going to provide information about four more oncology candidates that are at different stages of development. The company is primarily involved in developing a range of medicines that are going to address conditions related to B-cell malignancy. Investors might feel that it is a space in which MEIP stock could eventually become a major player.
What do you think?
Featured image: DepositPhotos © Sonar
