Zacks Investment Research upgraded shares of MEI Pharma Inc. (NASDAQ:MEIP) from a hold rating to a buy rating in a research report released on Friday morning. Zacks Investment Research currently has $2.00 price objective 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. “
Separately, Wedbush restated a neutral rating and set a $2.00 price objective on shares of MEI Pharma in a research report on Tuesday, August 2nd.
MEI Pharma (NASDAQ:MEIP) opened at 1.69 on Friday. MEI Pharma has a 12-month low of $0.87 and a 12-month high of $2.28. The stock’s market capitalization is $62.14 million. The firm’s 50-day moving average is $1.87 and its 200 day moving average is $1.49.
MEI Pharma (NASDAQ:MEIP) last issued its quarterly earnings data on Tuesday, September 6th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.03. Equities analysts expect that MEI Pharma will post ($0.57) EPS for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Vivo Capital LLC acquired a new stake in MEI Pharma during the first quarter valued at approximately $3,487,000. Jacobs Levy Equity Management Inc. acquired a new stake in MEI Pharma during the first quarter valued at approximately $283,000. Renaissance Technologies LLC increased its stake in MEI Pharma by 73.9% in the first quarter. Renaissance Technologies LLC now owns 478,700 shares of the company’s stock valued at $603,000 after buying an additional 203,400 shares during the period. Bridgeway Capital Management Inc. increased its stake in MEI Pharma by 9.6% in the second quarter. Bridgeway Capital Management Inc. now owns 427,500 shares of the company’s stock valued at $581,000 after buying an additional 37,500 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its stake in MEI Pharma by 6.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 448,639 shares of the company’s stock valued at $610,000 after buying an additional 25,860 shares during the period. Hedge funds and other institutional investors own 20.75% 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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