Zacks Investment Research Downgrades MEI Pharma (NASDAQ:MEIP) to Sell

MEI Pharma (NASDAQ:MEIP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, reports.

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. “

Separately, HC Wainwright reiterated a “buy” rating and set a $10.00 price target on shares of MEI Pharma in a report on Monday, February 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. MEI Pharma has a consensus rating of “Buy” and a consensus price target of $10.60.

Shares of MEIP stock opened at $3.34 on Wednesday. MEI Pharma has a 12 month low of $1.49 and a 12 month high of $4.57. The company has a market cap of $375.84 million, a PE ratio of -5.57 and a beta of 1.65. The business’s 50 day moving average is $3.70 and its two-hundred day moving average is $3.19.

MEI Pharma (NASDAQ:MEIP) last released its earnings results on Thursday, February 4th. The company reported ($0.22) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.07). The firm had revenue of $9.17 million for the quarter, compared to analyst estimates of $2.08 million. MEI Pharma had a negative return on equity of 33.55% and a negative net margin of 142.81%. On average, sell-side analysts expect that MEI Pharma will post -0.66 earnings per share for the current fiscal year.

In other news, Director Frederick W. Driscoll sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, February 23rd. The shares were sold at an average price of $4.03, for a total transaction of $100,750.00. Corporate insiders own 4.42% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in MEI Pharma in the 4th quarter valued at $35,000. Arrowstreet Capital Limited Partnership bought a new position in shares of MEI Pharma during the third quarter valued at $53,000. Boothbay Fund Management LLC acquired a new stake in shares of MEI Pharma in the 3rd quarter valued at $53,000. Citigroup Inc. grew its holdings in shares of MEI Pharma by 308.4% in the 4th quarter. Citigroup Inc. now owns 20,275 shares of the company’s stock worth $54,000 after purchasing an additional 15,311 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in shares of MEI Pharma by 91.9% during the 4th quarter. ProShare Advisors LLC now owns 24,293 shares of the company’s stock worth $64,000 after purchasing an additional 11,632 shares in the last quarter. 67.61% of the stock is owned by institutional investors and hedge funds.

MEI Pharma Company Profile

MEI Pharma, Inc, a late-stage pharmaceutical company, focuses on the development of various therapies for the treatment of cancer. The company develops Zandelisib, an oral phosphatidylinositol 3-kinase delta inhibitor that is in Phase II clinical trial for the treatment of patients with relapsed/refractory follicular lymphoma, as well as in Phase Ib multi-arm trial to treat B-cell malignancies; and Voruciclib, an oral cyclin-dependent kinase inhibitor, which is in Phase Ib clinical trial for acute myeloid leukemia and B-cell malignancies.

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