MEI Pharma, Inc. (MEIP) Lifted to “Strong-Buy” at Zacks Investment Research
MEI Pharma, Inc. (NASDAQ:MEIP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Saturday. The brokerage presently has a $3.25 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.68% from the stock’s current price.
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. “
A number of other research firms have also weighed in on MEIP. Cann reissued a “buy” rating and issued a $6.50 price objective on shares of MEI Pharma in a research report on Monday, June 26th. Oppenheimer Holdings, Inc. set a $7.00 price objective on shares of MEI Pharma and gave the stock a “buy” rating in a research report on Wednesday, May 31st.
MEI Pharma (MEIP) opened at 2.91 on Friday. The stock has a market cap of $107.01 million, a P/E ratio of 85.59 and a beta of 1.65. The company’s 50-day moving average price is $2.77 and its 200-day moving average price is $2.11. MEI Pharma has a one year low of $1.34 and a one year high of $3.26.
MEI Pharma (NASDAQ:MEIP) last announced its quarterly earnings results on Tuesday, September 5th. The company reported ($0.12) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.03. MEI Pharma had a net margin of 11.48% and a return on equity of 5.26%. The firm had revenue of $0.45 million during the quarter, compared to the consensus estimate of $0.60 million. Analysts forecast that MEI Pharma will post ($1.15) EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of MEIP. Oxford Asset Management purchased a new position in shares of MEI Pharma during the first quarter worth approximately $176,000. TFS Capital LLC increased its position in shares of MEI Pharma by 91.5% during the first quarter. TFS Capital LLC now owns 75,489 shares of the company’s stock worth $122,000 after acquiring an additional 36,078 shares during the period. Spark Investment Management LLC increased its position in shares of MEI Pharma by 119.3% during the second quarter. Spark Investment Management LLC now owns 62,500 shares of the company’s stock worth $149,000 after acquiring an additional 34,000 shares during the period. FMR LLC increased its position in shares of MEI Pharma by 11.2% during the first quarter. FMR LLC now owns 351,000 shares of the company’s stock worth $569,000 after acquiring an additional 35,476 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of MEI Pharma by 58.6% during the first quarter. Renaissance Technologies LLC now owns 1,564,428 shares of the company’s stock worth $2,534,000 after acquiring an additional 578,009 shares during the period. 18.00% of the stock is currently owned by institutional investors.
MEI Pharma Company Profile
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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