MEI Pharma, Inc. (MEIP) Receives Buy Rating from Cann

Cann restated their buy rating on shares of MEI Pharma, Inc. (NASDAQ:MEIP) in a research report released on Monday. Cann currently has a $6.50 price target on the stock.

“MEI Pharma and partner Helsinn presented positive findings at the European Hematology Association (EHA) meeting in Madrid, Spain from a genetic mutation analysis of patients in a phase II clinical study of the investigational drug pracinostat and azacitidine in acute myeloid leukemia (AML). These data were previously presented at ASCO in early June 2017. These data support our outlook that Helsinn could launch Pracinostat for the treatment of AML and other potential indications in calendar Q1 2022. Potential sales will be recognized in the form of royalty income by MEI Pharma.”,” Cann’s analyst commented.

Several other brokerages have also recently issued reports on MEIP. Oppenheimer Holdings, Inc. set a $7.00 price objective on MEI Pharma and gave the company a buy rating in a research note on Wednesday, May 31st. Zacks Investment Research upgraded MEI Pharma from a hold rating to a strong-buy rating and set a $1.75 price objective on the stock in a research note on Tuesday, May 9th.

MEI Pharma (MEIP) remained flat at $2.34 on Monday. The company’s stock had a trading volume of 360,521 shares. MEI Pharma has a 52-week low of $1.25 and a 52-week high of $2.35. The company’s 50 day moving average price is $1.83 and its 200 day moving average price is $1.64. The firm has a market cap of $86.05 million, a price-to-earnings ratio of 68.82 and a beta of 1.29.

MEI Pharma (NASDAQ:MEIP) last announced its quarterly earnings data on Thursday, May 4th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). The company had revenue of $4.51 million during the quarter, compared to analyst estimates of $5 million. On average, equities research analysts anticipate that MEI Pharma will post $0.02 earnings per share for the current year.

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A number of institutional investors have recently bought and sold shares of MEIP. FMR LLC purchased a new position in shares of MEI Pharma during the fourth quarter valued at about $454,000. TFS Capital LLC raised its position in shares of MEI Pharma by 91.5% in the first quarter. TFS Capital LLC now owns 75,489 shares of the company’s stock valued at $122,000 after buying an additional 36,078 shares during the last quarter. Oxford Asset Management purchased a new position in shares of MEI Pharma during the first quarter valued at about $176,000. Goldman Sachs Group Inc. raised its position in shares of MEI Pharma by 131.7% in the first quarter. Goldman Sachs Group Inc. now owns 80,570 shares of the company’s stock valued at $131,000 after buying an additional 45,793 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of MEI Pharma by 58.6% in the first quarter. Renaissance Technologies LLC now owns 1,564,428 shares of the company’s stock valued at $2,534,000 after buying an additional 578,009 shares during the last quarter. 17.27% of the stock is currently owned by hedge funds and other institutional investors.

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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