MEI Pharma (NASDAQ:MEIP) Downgraded 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 on Wednesday, Zacks.com 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 restated a “buy” rating and issued a $10.00 price target on shares of MEI Pharma in a research report on Monday, February 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. MEI Pharma currently has an average rating of “Buy” and an average price target of $10.60.

NASDAQ:MEIP traded down $0.20 during trading hours on Wednesday, hitting $3.34. 1,258,044 shares of the stock were exchanged, compared to its average volume of 996,565. MEI Pharma has a 52-week low of $1.49 and a 52-week high of $4.57. The firm’s fifty day moving average price is $3.70 and its 200 day moving average price is $3.19. The company has a market cap of $375.84 million, a P/E ratio of -5.57 and a beta of 1.65.

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

In related news, Director Frederick W. Driscoll sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 23rd. The stock was sold at an average price of $4.03, for a total value of $100,750.00. 4.42% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in MEI Pharma in the fourth quarter valued at approximately $35,000. Arrowstreet Capital Limited Partnership acquired a new position in MEI Pharma during the third quarter worth $53,000. Boothbay Fund Management LLC acquired a new position in MEI Pharma during the third quarter worth $53,000. Citigroup Inc. lifted its stake in MEI Pharma by 308.4% during the fourth quarter. Citigroup Inc. now owns 20,275 shares of the company’s stock worth $54,000 after purchasing an additional 15,311 shares in the last quarter. Finally, ProShare Advisors LLC lifted its stake in MEI Pharma by 91.9% during the fourth 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. Hedge funds and other institutional investors own 67.61% of the company’s stock.

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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