Oppenheimer Reiterates “$7.00” Price Target for MEI Pharma (MEIP)

Oppenheimer set a $7.00 price objective on MEI Pharma (NASDAQ:MEIP) in a report issued on Monday. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently commented on MEIP. Zacks Investment Research cut MEI Pharma from a strong-buy rating to a hold rating in a research note on Wednesday, November 8th. Cann reissued a buy rating and issued a $6.50 price target on shares of MEI Pharma in a research note on Monday, December 11th. Finally, ValuEngine cut MEI Pharma from a hold rating to a sell rating in a research note on Friday, December 1st.

Shares of MEI Pharma (NASDAQ MEIP) traded up $0.14 during midday trading on Monday, hitting $2.38. The company had a trading volume of 438,848 shares, compared to its average volume of 136,544. The company has a market cap of $88.13, a PE ratio of -47.60 and a beta of 1.83. MEI Pharma has a 1-year low of $1.45 and a 1-year high of $3.26.

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in MEI Pharma by 12.3% during the second quarter. Vanguard Group Inc. now owns 740,580 shares of the company’s stock worth $1,770,000 after purchasing an additional 81,308 shares during the period. OxFORD Asset Management LLP boosted its position in MEI Pharma by 96.9% during the third quarter. OxFORD Asset Management LLP now owns 462,846 shares of the company’s stock worth $1,254,000 after purchasing an additional 227,821 shares during the period. Algert Global LLC bought a new stake in MEI Pharma during the third quarter worth approximately $586,000. Russell Investments Group Ltd. boosted its position in MEI Pharma by 659.3% during the third quarter. Russell Investments Group Ltd. now owns 204,199 shares of the company’s stock worth $547,000 after purchasing an additional 177,306 shares during the period. Finally, Dimensional Fund Advisors LP bought a new stake in MEI Pharma during the third quarter worth approximately $402,000. 23.20% of the stock is owned by hedge funds and other institutional investors.

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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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