MEI Pharma (NASDAQ:MEIP) Price Target Cut to $3.00

MEI Pharma (NASDAQ:MEIPGet Rating) had its price objective lowered by analysts at BTIG Research to $3.00 in a research note issued to investors on Tuesday, Stock Target Advisor reports. The firm presently has a “na” rating on the stock.

MEIP has been the topic of several other reports. Stifel Nicolaus downgraded MEI Pharma from a “buy” rating to a “hold” rating and cut their target price for the company from $6.00 to $2.00 in a research note on Friday, March 25th. HC Wainwright cut their target price on MEI Pharma from $10.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, March 25th. Truist Financial lowered their price target on MEI Pharma from $8.00 to $3.00 and set a “buy” rating on the stock in a report on Friday, March 25th. Alliance Global Partners lowered their price target on MEI Pharma from $9.00 to $5.00 in a report on Wednesday, April 20th. Finally, Zacks Investment Research cut MEI Pharma from a “buy” rating to a “hold” rating in a report on Friday, February 4th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $4.86.

MEIP traded down $0.01 during midday trading on Tuesday, reaching $0.44. 148,712 shares of the company’s stock traded hands, compared to its average volume of 4,278,193. The firm has a fifty day moving average of $0.76 and a two-hundred day moving average of $1.81. The stock has a market capitalization of $58.25 million, a price-to-earnings ratio of -0.74 and a beta of 1.28. MEI Pharma has a 52 week low of $0.45 and a 52 week high of $3.55.

MEI Pharma (NASDAQ:MEIPGet Rating) last announced its earnings results on Monday, May 23rd. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.11. MEI Pharma had a negative return on equity of 83.20% and a negative net margin of 123.86%. As a group, equities analysts predict that MEI Pharma will post -0.54 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of the company. Virtu Financial LLC purchased a new position in shares of MEI Pharma during the first quarter valued at about $152,000. Mirabella Financial Services LLP purchased a new position in shares of MEI Pharma during the first quarter valued at about $76,000. Goldman Sachs Group Inc. grew its position in shares of MEI Pharma by 8.9% during the first quarter. Goldman Sachs Group Inc. now owns 255,594 shares of the company’s stock valued at $154,000 after purchasing an additional 20,818 shares in the last quarter. State Street Corp grew its position in shares of MEI Pharma by 3.3% during the first quarter. State Street Corp now owns 1,949,006 shares of the company’s stock valued at $1,174,000 after purchasing an additional 61,832 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of MEI Pharma by 9.9% during the first quarter. Renaissance Technologies LLC now owns 952,573 shares of the company’s stock valued at $574,000 after purchasing an additional 85,787 shares in the last quarter. Hedge funds and other institutional investors own 60.18% of the company’s stock.

MEI Pharma Company Profile (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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