MEI Pharma, Inc. (NASDAQ:MEIP) Upgraded to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of MEI Pharma, Inc. (NASDAQ:MEIP) from a hold rating to a strong-buy rating in a research report sent to investors on Saturday, September 9th. They currently have $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 the company. Cann reaffirmed a buy rating and issued a $6.50 target price on shares of MEI Pharma in a report on Monday, June 26th. Oppenheimer Holdings, Inc. set a $7.00 price target on MEI Pharma and gave the company a buy rating in a research report on Wednesday, June 14th.

Shares of MEI Pharma (NASDAQ MEIP) traded up 4.17% during trading on Friday, hitting $2.75. 241,693 shares of the stock traded hands. The company has a market cap of $101.58 million, a price-to-earnings ratio of 39.29 and a beta of 1.65. The firm’s 50-day moving average price is $2.73 and its 200-day moving average price is $2.15. MEI Pharma has a 52 week low of $1.34 and a 52 week high of $3.26.

MEI Pharma (NASDAQ:MEIP) last posted its quarterly earnings results on Tuesday, September 5th. The company reported ($0.12) EPS 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 company had revenue of $0.45 million during the quarter, compared to analysts’ expectations of $0.60 million. On average, equities research analysts anticipate that MEI Pharma will post ($1.15) earnings per share for the current year.

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A number of large investors have recently made changes to their positions in the business. Spark Investment Management LLC boosted its holdings in MEI Pharma by 119.3% in the second 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 in the last quarter. FMR LLC boosted its holdings in MEI Pharma by 11.2% in the first quarter. FMR LLC now owns 351,000 shares of the company’s stock worth $569,000 after acquiring an additional 35,476 shares in the last quarter. TFS Capital LLC boosted its holdings in MEI Pharma by 91.5% in the first quarter. TFS Capital LLC now owns 75,489 shares of the company’s stock worth $122,000 after acquiring an additional 36,078 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in MEI Pharma by 131.7% in the first 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 in the last quarter. Finally, Bank of Montreal Can bought a new position in MEI Pharma in the second quarter worth approximately $126,000. Institutional investors and hedge funds own 18.00% of the company’s stock.

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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