MEI Pharma Inc. (NASDAQ:MEIP) Stock Rallies Without News: Will it Continue?
MEI Pharma Inc. (NASDAQ:MEIP) jumped 13.5% on no recent company-specific news. However, recently the company appointed Tina Beamon as its Chief compliance officer. Ms. Beamon will oversee compliance programs across the enterprise, managing risks related to MEI Pharma’s main business activities.
The company’s COO and general counsel, David Urso, said that Ms. Beamon’s leadership and legal experience would strengthen the company’s leadership team and add experience and knowledge to guide the company ahead of the possible commercialization of the lead drug candidate, Zandelisib. He added that he is looking forward to working with her to advance MEI Pharma’s clinical pipeline, including implementing pre-commercialization strategies for Zandelisib.
At the beginning of this month, the company announced an inducement stock options grant of 169,000 shares of its common stock to 3 new employees. These stock options are material incentives granted to each employee for agreement to work with MEI Pharma as per the Nasdaq Listing Rule 5635(C)(4). So in the coming weeks, MEIP is a stock to watch.
Market Reaction:
On Wednesday, MEIP stock soared 13.40% at $2.88 with more than 887K shares, compared to its average volume of 558K shares. The stock has moved within a range of $2.5400 – 2.8900 after opening the trade at $2.54. Over the past 52-week, the stock has been trading within a range of $ 2.2900 – 4.5800.
