MEI Pharma Stock Rises Over 32%

(RTTNews) - MEI Pharma, Inc. (MEIP) surged 32.37 percent to $5.95 in Friday's session, despite no new company-specific news. The sharp upward movement may be linked to speculative trading activity or short covering, given the high volatility in the stock.

MEIP opened at $8.95 and has traded between $5.22 and $9.00 so far, marking its highest level in the past year on the Nasdaq. The previous close was $4.50. Current volume has skyrocketed to 39.45 million shares, far exceeding its average of 30,100. The stock's 52-week range stands between $1.46 and $9.00.