As previously reported, Stifel analyst Stephen Willey upgraded MEI Pharma to Buy from Hold, as he believes the roughly 30% pullback following the "initial ASCO-related enthusiasm" related to the preliminary safety/efficacy data for ME-401 provides an attractive buying opportunity. He thinks updated Phase 1b ME-401 data due at year-end is likely to solidify the compound as "best-in-class" and believes the initiation of a pivotal single-arm/monotherapy trial in third-line follicular lymphoma should provide a clear runway to commercialization, Willey tells investors. He raised his price target on MEI Pharma shares to $7.00 from $2.50 after including follicular lymphoma estimates in his model.