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Cantor-Fitzgerald initiates coverage of MEIP--PT $14

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."


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