MEI Pharma (MEIP) Cut to “Sell” at Zacks Investment Research

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.

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 analysts have also recently weighed in on the company. Cann reiterated a “buy” rating and issued a $6.50 price target on shares of MEI Pharma in a research report on Monday, December 11th. Oppenheimer reiterated a “buy” rating and issued a $6.50 price target on shares of MEI Pharma in a research report on Monday, December 11th. Finally, ValuEngine cut MEI Pharma from a “hold” rating to a “sell” rating in a research report on Friday, December 1st.

Shares of MEI Pharma (MEIP) traded down $0.02 during trading hours on Wednesday, reaching $2.36. The company’s stock had a trading volume of 146,737 shares, compared to its average volume of 129,421. MEI Pharma has a 52-week low of $1.45 and a 52-week high of $3.26. The company has a market capitalization of $87.20, a PE ratio of -39.33 and a beta of 1.84.

MEI Pharma (NASDAQ:MEIP) last announced its quarterly earnings results on Wednesday, November 8th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.07). MEI Pharma had a negative net margin of 8.24% and a negative return on equity of 3.62%. sell-side analysts forecast that MEI Pharma will post -1.05 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in shares of MEI Pharma by 2,508.7% during the second quarter. JPMorgan Chase & Co. now owns 67,825 shares of the company’s stock worth $162,000 after purchasing an additional 65,225 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of 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 last quarter. Nationwide Fund Advisors bought a new stake in shares of MEI Pharma during the third quarter worth $229,000. Macquarie Group Ltd. bought a new stake in shares of MEI Pharma during the third quarter worth $306,000. Finally, OxFORD Asset Management LLP grew its holdings in shares of MEI Pharma by 116.2% during the second quarter. OxFORD Asset Management LLP now owns 235,025 shares of the company’s stock worth $562,000 after purchasing an additional 126,303 shares during the last quarter. Institutional investors own 23.20% of the company’s stock.

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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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