MEI Pharma (NASDAQ:MEIP) Shares Up 6.5%

MEI Pharma Inc (NASDAQ:MEIP)’s stock price shot up 6.5% during trading on Thursday . The stock traded as high as $1.84 and last traded at $1.80, 303,286 shares changed hands during mid-day trading. An increase of 5% from the average session volume of 289,783 shares. The stock had previously closed at $1.69.

Several research firms have commented on MEIP. ValuEngine upgraded shares of MEI Pharma from a “hold” rating to a “buy” rating in a research note on Wednesday. HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of MEI Pharma in a research note on Monday, June 24th. Finally, Zacks Investment Research upgraded shares of MEI Pharma from a “hold” rating to a “buy” rating and set a $2.00 price target for the company in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. MEI Pharma has a consensus rating of “Buy” and an average price target of $6.50.

The company’s 50 day simple moving average is $1.75 and its 200 day simple moving average is $2.41. The firm has a market cap of $121.91 million, a price-to-earnings ratio of -2.76 and a beta of 1.67.

MEI Pharma (NASDAQ:MEIP) last posted its quarterly earnings results on Wednesday, August 28th. The company reported ($0.02) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.18. The business had revenue of $1.13 million during the quarter, compared to the consensus estimate of $1.05 million. MEI Pharma had a negative net margin of 819.04% and a negative return on equity of 76.61%. Sell-side analysts predict that MEI Pharma Inc will post -0.79 earnings per share for the current year.

In other news, Director Christine Anna White acquired 15,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was acquired at an average cost of $1.74 per share, with a total value of $26,100.00. Following the transaction, the director now owns 15,000 shares in the company, valued at $26,100. The transaction was disclosed in a document filed with the SEC, which is available at this link. 5.01% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new stake in shares of MEI Pharma during the 2nd quarter worth $46,000. A.R.T. Advisors LLC lifted its position in shares of MEI Pharma by 55.6% during the 2nd quarter. A.R.T. Advisors LLC now owns 22,117 shares of the company’s stock worth $55,000 after purchasing an additional 7,900 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of MEI Pharma during the 2nd quarter worth $56,000. Algert Global LLC lifted its position in shares of MEI Pharma by 105.4% during the 2nd quarter. Algert Global LLC now owns 38,797 shares of the company’s stock worth $97,000 after purchasing an additional 19,907 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new stake in shares of MEI Pharma during the 2nd quarter worth $151,000. 64.47% of the stock is owned by institutional investors and hedge funds.

About MEI Pharma (NASDAQ:MEIP)

MEI Pharma, Inc, a pharmaceutical company, focuses on the clinical development of novel therapies for the treatment of cancer. The company's clinical drug candidate includes Pracinostat, an oral available histone deacetylase inhibitor for the treatment of patients with acute myeloid leukemia and myelodysplastic syndrome.

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