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

MEI Pharma (NASDAQ:MEIPGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note 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. “

Other equities analysts also recently issued research reports about the company. Wells Fargo & Company downgraded MEI Pharma from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $13.00 to $2.00 in a research report on Friday, March 25th. HC Wainwright dropped their price target on MEI Pharma from $10.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, March 25th. BTIG Research dropped their price target on MEI Pharma to $3.00 and set a “na” rating for the company in a research report on Tuesday. Alliance Global Partners dropped their price target on MEI Pharma from $9.00 to $5.00 in a research report on Wednesday, April 20th. Finally, Truist Financial lowered their price objective on MEI Pharma from $8.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, March 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $4.86.

MEIP opened at $0.42 on Wednesday. The business has a 50 day simple moving average of $0.73 and a 200-day simple moving average of $1.80. The stock has a market capitalization of $56.51 million, a P/E ratio of -0.72 and a beta of 1.28. MEI Pharma has a 12 month low of $0.42 and a 12 month high of $3.55.

MEI Pharma (NASDAQ:MEIPGet Rating) last issued its quarterly earnings data 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, sell-side analysts expect that MEI Pharma will post -0.54 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. Eagle Asset Management Inc. purchased a new stake in MEI Pharma during the fourth quarter valued at about $30,000. Man Group plc purchased a new stake in MEI Pharma during the third quarter valued at about $34,000. Citigroup Inc. grew its position in MEI Pharma by 151.5% during the third quarter. Citigroup Inc. now owns 12,979 shares of the company’s stock valued at $36,000 after acquiring an additional 7,818 shares during the period. GSA Capital Partners LLP grew its position in MEI Pharma by 111.0% during the first quarter. GSA Capital Partners LLP now owns 60,923 shares of the company’s stock valued at $37,000 after acquiring an additional 32,050 shares during the period. Finally, MetLife Investment Management LLC lifted its stake in shares of MEI Pharma by 969.4% during the first quarter. MetLife Investment Management LLC now owns 79,966 shares of the company’s stock worth $48,000 after purchasing an additional 72,488 shares in the last quarter. 60.18% of the stock is owned by hedge funds and other institutional investors.

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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