MEI Pharma, Inc. (MEIP) Sees Strong Trading Volume

MEI Pharma, Inc. (NASDAQ:MEIP) shares saw unusually-strong trading volume on Thursday . Approximately 1,017,174 shares were traded during trading, an increase of 355% from the previous session’s volume of 223,772 shares.The stock last traded at $2.62 and had previously closed at $2.48.

Several analysts recently commented on MEIP shares. Cann restated a “buy” rating and set a $6.50 price target on shares of MEI Pharma in a report on Monday, June 26th. Zacks Investment Research upgraded shares of MEI Pharma from a “hold” rating to a “strong-buy” rating and set a $3.25 price target for the company in a report on Saturday, September 9th.

The company has a 50 day moving average of $2.63 and a 200-day moving average of $2.31. The company has a market capitalization of $96.78 million, a price-to-earnings ratio of 37.43 and a beta of 1.59.

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

A number of large investors have recently added to or reduced their stakes in MEIP. Bank of Montreal Can acquired a new position in MEI Pharma during the 2nd quarter worth approximately $126,000. Goldman Sachs Group Inc. boosted its position in MEI Pharma by 131.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 80,570 shares of the company’s stock worth $131,000 after acquiring an additional 45,793 shares during the last quarter. Spark Investment Management LLC boosted its position in MEI Pharma by 119.3% during the 2nd 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 last quarter. JPMorgan Chase & Co. boosted its position in MEI Pharma by 2,508.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 67,825 shares of the company’s stock worth $162,000 after acquiring an additional 65,225 shares during the last quarter. Finally, Oxford Asset Management acquired a new position in MEI Pharma during the 1st quarter worth approximately $176,000. 17.93% of the stock is owned by hedge funds and other institutional investors.

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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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