Zacks Investment Research Downgrades MEI Pharma (NASDAQ:MEIP) to Sell

MEI Pharma (NASDAQ:MEIP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report 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 reiterated a “buy” rating and set a $10.00 price objective on shares of MEI Pharma in a research note on Monday, February 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $10.60.

NASDAQ:MEIP opened at $3.34 on Wednesday. MEI Pharma has a 52 week low of $1.49 and a 52 week high of $4.57. The firm’s 50-day simple moving average is $3.70 and its 200 day simple moving average is $3.19. The firm has a market cap of $375.84 million, a price-to-earnings ratio of -5.57 and a beta of 1.65.

MEI Pharma (NASDAQ:MEIP) last announced its earnings results on Thursday, February 4th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $9.17 million for the quarter, compared to analyst estimates of $2.08 million. As a group, analysts anticipate that MEI Pharma will post -0.66 EPS for the current fiscal year.

In other news, Director Frederick W. Driscoll sold 25,000 shares of the stock in a transaction dated Tuesday, February 23rd. The shares were sold at an average price of $4.03, for a total value of $100,750.00. 4.42% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Los Angeles Capital Management LLC acquired a new stake in shares of MEI Pharma in the 4th quarter valued at approximately $66,000. EMC Capital Management acquired a new stake in shares of MEI Pharma in the 4th quarter valued at approximately $171,000. Principal Financial Group Inc. boosted its stake in shares of MEI Pharma by 64.5% in the 4th quarter. Principal Financial Group Inc. now owns 24,847 shares of the company’s stock valued at $66,000 after purchasing an additional 9,745 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of MEI Pharma by 14.0% in the 4th quarter. JPMorgan Chase & Co. now owns 52,187 shares of the company’s stock valued at $138,000 after purchasing an additional 6,406 shares in the last quarter. Finally, Truist Financial Corp boosted its stake in shares of MEI Pharma by 128.7% in the 4th quarter. Truist Financial Corp now owns 66,922 shares of the company’s stock valued at $176,000 after purchasing an additional 37,665 shares in the last quarter. Institutional investors own 67.61% of the company’s stock.

About MEI Pharma

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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