 Investors of MEI Pharma MEIP trudged off to the 4th of July celebrations in a downbeat mood. In last weeks final session, shares declined by 18.5.The announcement that MEI and its collaboration partner, the Helsinn Group, prematurely ended a Phase 3 trial of pracinostat in acute myeloid leukemia AML was to blame for the sell-off. Interim data showed that the candidates use most likely wont lead to better overall survival rates for AML patients.While the news was greeted by surprise at investment firm BTIG, the trials abrupt ending does not overly concern company analyst Thomas Shrader.Contributing only 6 to the 5-star analysts model for the biotech, Shrader has another reason patients and investors should care. This reason is MEIs potential treatment for patients with relapsed or refractory follicular lymphoma FL, which is currently in a Phase 2 trial.With the trial ongoing and expected to be fully enrolled by 1H21, Shraders base case involves the approval of ME-401 for FL in 2021. While MEI-401 is a PI3 delta inhibitor and belongs to a class of drugs that has been considered risky in the past, recent data supports Shraders bullish thesis.Overall, we see ME-401 in a good place in the B-Cell malignancy landscape with a very powerful PI3K inhibitor they have learned to dose safely at a time when powerful drugs are increasingly viewed favorably in earlier lines. The drugs non-overlapping safety profile with others in the overall B-Cell malignancy arena BTK and MDM-2 inhibitors also suggests combinations are more likely to have acceptable safety profiles... We still like the story, and we are raising our probability of success POS for ME-401 in FL to 75 from 60 based on recent data, Shrader explained.To this end, Shrader maintained a Buy rating along with a 5.50 price target. Investors could be taking home a 64 gain, should Shraders thesis play out over the coming months. To watch Shraders track record, click hereThe rest of the Street backs up the BTIG analysts call. All 6 analysts tracked over the past three months rate MEI a Buy. With an average price target of 9.75, theres massive upside potential of 185 in the year ahead. See MEI Pharma stock analysis on TipRanksTo find good ideas for biotech stocks trading at attractive valuations, visit TipRanks Best Stocks to Buy, a newly launched tool that unites all of TipRanks equity insights. More recent articles from Smarter Analyst: 3 Coronavirus Penny Stocks With Triple-Digit Upside Potential The Rise of E-Commerce and Cloud Services Positions Amazon AMZN for the Win Facebook Faces More Ad Boycotts, But This Analyst Expects Minimal Impact 3 Strong Buy Penny Stocks With Explosive Upside Ahead 