Zacks Investment Research Upgrades MEI Pharma, Inc. (MEIP) to “Strong-Buy”

Zacks Investment Research upgraded shares of MEI Pharma, Inc. (NASDAQ:MEIP) from a hold rating to a strong-buy rating in a research report released on Saturday morning. Zacks Investment Research currently has $3.25 target price on the stock.

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 equities analysts have also recently issued reports on MEIP. Oppenheimer Holdings, Inc. set a $7.00 target price on MEI Pharma and gave the stock a buy rating in a report on Wednesday, May 31st. Cann reiterated a buy rating and set a $6.50 target price on shares of MEI Pharma in a report on Monday, June 26th.

Shares of MEI Pharma (MEIP) opened at 2.76 on Friday. MEI Pharma has a 52-week low of $1.34 and a 52-week high of $3.26. The firm has a market cap of $101.49 million, a PE ratio of 81.18 and a beta of 1.65. The company’s 50-day moving average price is $2.76 and its 200-day moving average price is $2.13.

MEI Pharma (NASDAQ:MEIP) last released its earnings results on Tuesday, September 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.03. The firm had revenue of $0.45 million during the quarter, compared to analysts’ expectations of $0.60 million. MEI Pharma had a return on equity of 5.26% and a net margin of 11.48%. Equities analysts expect that MEI Pharma will post ($1.15) earnings per share for the current fiscal year.

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A number of hedge funds have recently added to or reduced their stakes in MEIP. TFS Capital LLC increased its holdings in MEI Pharma by 91.5% during the 1st quarter. TFS Capital LLC now owns 75,489 shares of the company’s stock worth $122,000 after purchasing an additional 36,078 shares in the last quarter. Oxford Asset Management bought a new position in shares of MEI Pharma in the 1st quarter valued at about $176,000. FMR LLC grew its holdings in shares of MEI Pharma by 11.2% in the 1st quarter. FMR LLC now owns 351,000 shares of the company’s stock valued at $569,000 after acquiring an additional 35,476 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of MEI Pharma by 58.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,564,428 shares of the company’s stock valued at $2,534,000 after acquiring an additional 578,009 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of MEI Pharma by 131.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 80,570 shares of the company’s stock valued at $131,000 after acquiring an additional 45,793 shares in the last quarter. Hedge funds and other institutional investors own 18.00% of the company’s stock.

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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