MEI Pharma, Inc. (NASDAQ:MEIP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday.

According to Zacks, “MEI Pharma, Inc. is an oncology company focused on the clinical development of novel therapeutics targeting cancer metabolism. The Company is focused on the clinical development of its two lead isoflavone-based drug candidates, ME-143 and ME-344. MEI Pharma, Inc., formerly known as Marshall Edwards, Inc., is based in San Diego. “

Other equities analysts also recently issued reports about the stock. Oppenheimer Holdings, Inc. set a $7.00 price objective on shares of MEI Pharma and gave the stock a “buy” rating in a research note on Wednesday, May 31st. Cann restated a “buy” rating and set a $6.50 price objective on shares of MEI Pharma in a research note on Monday, June 26th.

MEI Pharma (NASDAQ MEIP) traded up 1.77% during mid-day trading on Wednesday, reaching $2.88. The company had a trading volume of 2,552,863 shares. The stock has a market cap of $105.90 million, a PE ratio of 84.71 and a beta of 1.54. The firm’s 50-day moving average price is $1.97 and its 200-day moving average price is $1.67. MEI Pharma has a 12 month low of $1.32 and a 12 month high of $3.26.

MEI Pharma (NASDAQ:MEIP) last posted its quarterly earnings data on Thursday, May 4th. The company reported ($0.02) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.02). The business had revenue of $4.51 million for the quarter, compared to analyst estimates of $5 million. Equities research analysts forecast that MEI Pharma will post $0.02 EPS for the current fiscal year.

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A number of large investors have recently modified their holdings of MEIP. FMR LLC purchased a new stake in shares of MEI Pharma during the fourth quarter valued at about $454,000. Oxford Asset Management purchased a new stake in shares of MEI Pharma during the first quarter valued at about $176,000. TFS Capital LLC increased its stake in shares of MEI Pharma by 91.5% in the first quarter. TFS Capital LLC now owns 75,489 shares of the company’s stock valued at $122,000 after buying an additional 36,078 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of MEI Pharma by 131.7% in the first quarter. Goldman Sachs Group Inc. now owns 80,570 shares of the company’s stock valued at $131,000 after buying an additional 45,793 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of MEI Pharma by 58.6% in the first quarter. Renaissance Technologies LLC now owns 1,564,428 shares of the company’s stock valued at $2,534,000 after buying an additional 578,009 shares during the period. Institutional investors and hedge funds own 17.27% of the company’s stock.

About MEI Pharma

MEI Pharma, Inc is an oncology company. The Company is focused on the clinical development of drugs and therapies for treatment of cancer. The Company’s portfolio of clinical drug candidates includes Pracinostat, ME-344 and PWT143. Pracinostat is an orally available histone deacetylase (HDAC) inhibitor indicated for the treatment of advanced hematologic diseases, such as acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS).

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