MEI Pharma, Inc. (NASDAQ:MEIP) Expected to Post Quarterly Sales of $6.25 Million

Analysts expect that MEI Pharma, Inc. (NASDAQ:MEIPGet Rating) will report $6.25 million in sales for the current quarter, according to Zacks. Two analysts have made estimates for MEI Pharma’s earnings. The lowest sales estimate is $5.00 million and the highest is $7.50 million. MEI Pharma posted sales of $2.42 million in the same quarter last year, which suggests a positive year over year growth rate of 158.3%. The business is expected to announce its next earnings results on Monday, January 1st.

On average, analysts expect that MEI Pharma will report full year sales of $40.77 million for the current year, with estimates ranging from $31.60 million to $45.86 million. For the next financial year, analysts forecast that the business will report sales of $31.17 million, with estimates ranging from $20.00 million to $37.50 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow MEI Pharma.

MEI Pharma (NASDAQ:MEIPGet Rating) last posted its earnings results on Thursday, February 10th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.06. The company had revenue of $18.22 million during the quarter, compared to the consensus estimate of $7.62 million. MEI Pharma had a negative net margin of 123.86% and a negative return on equity of 83.20%.

Several analysts recently issued reports on MEIP shares. Truist Financial dropped their price objective on shares of MEI Pharma from $8.00 to $3.00 and set a “buy” rating for the company in a research note on Friday, March 25th. StockNews.com lowered shares of MEI Pharma from a “buy” rating to a “hold” rating in a report on Sunday, March 27th. BTIG Research reduced their target price on shares of MEI Pharma from $11.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, March 25th. Wells Fargo & Company lowered shares of MEI Pharma from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $13.00 to $2.00 in a report on Friday, March 25th. Finally, HC Wainwright reduced their price objective on shares of MEI Pharma from $10.00 to $5.00 and set a “buy” rating on the stock in a report on Friday, March 25th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, MEI Pharma has a consensus rating of “Hold” and a consensus price target of $4.97.

MEIP opened at $0.57 on Thursday. MEI Pharma has a twelve month low of $0.53 and a twelve month high of $3.91. The company has a 50-day moving average price of $1.57 and a 200 day moving average price of $2.27. The company has a market cap of $75.67 million, a PE ratio of -0.96 and a beta of 1.23.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. GSA Capital Partners LLP raised its holdings in shares of MEI Pharma by 99.0% during the third quarter. GSA Capital Partners LLP now owns 55,095 shares of the company’s stock worth $152,000 after purchasing an additional 27,403 shares during the period. Geode Capital Management LLC boosted its holdings in shares of MEI Pharma by 1.9% in the third quarter. Geode Capital Management LLC now owns 1,694,637 shares of the company’s stock worth $4,677,000 after buying an additional 31,961 shares during the period. Citigroup Inc. boosted its holdings in shares of MEI Pharma by 151.5% in the third quarter. Citigroup Inc. now owns 12,979 shares of the company’s stock worth $36,000 after buying an additional 7,818 shares during the period. Sigma Planning Corp boosted its holdings in shares of MEI Pharma by 70.9% during the third quarter. Sigma Planning Corp now owns 144,350 shares of the company’s stock worth $398,000 after purchasing an additional 59,900 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of MEI Pharma during the fourth quarter worth approximately $311,000. 68.89% of the stock is currently owned by institutional investors and hedge funds.

About MEI Pharma (Get Rating)

MEI Pharma, Inc, a late-stage pharmaceutical company, focuses on the development and commercialization of various therapies for the treatment of cancer. The company develops Zandelisib, an oral phosphatidylinositol 3-kinase delta inhibitor that is in Phase III 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 9 inhibitor, which is in Phase Ib clinical trial for acute myeloid leukemia and B-cell malignancies.

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