MEI Pharma, Inc. (NASDAQ:MEIP) Receives Average Rating of “Hold” from Analysts

MEI Pharma, Inc. (NASDAQ:MEIP) has been assigned an average recommendation of “Hold” from the six brokerages that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $29.67.

Several brokerages have recently issued reports on MEIP. Stifel Nicolaus reduced their target price on MEI Pharma from $10.00 to $9.00 and set a “hold” rating on the stock in a report on Wednesday, September 27th. StockNews.com assumed coverage on MEI Pharma in a report on Thursday, November 9th. They issued a “hold” rating for the company.

Insiders Place Their Bets

In other news, major shareholder Anson Funds Management Lp acquired 48,060 shares of the stock in a transaction that occurred on Friday, September 22nd. The shares were bought at an average cost of $6.85 per share, for a total transaction of $329,211.00. Following the acquisition, the insider now owns 864,188 shares in the company, valued at approximately $5,919,687.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Simplex Trading LLC purchased a new position in MEI Pharma during the second quarter worth about $28,000. BML Capital Management LLC acquired a new position in shares of MEI Pharma in the second quarter worth $151,000. Anson Funds Management LP increased its position in shares of MEI Pharma by 24.8% during the first quarter. Anson Funds Management LP now owns 13,250,582 shares of the company’s stock worth $3,033,000 after acquiring an additional 2,632,623 shares during the period. Jane Street Group LLC acquired a new stake in shares of MEI Pharma in the first quarter valued at $31,000. Finally, Two Sigma Investments LP boosted its holdings in MEI Pharma by 26.9% in the first quarter. Two Sigma Investments LP now owns 233,931 shares of the company’s stock valued at $54,000 after purchasing an additional 49,526 shares during the period. 41.92% of the stock is currently owned by institutional investors and hedge funds.

MEI Pharma Price Performance

MEIP stock opened at $7.27 on Wednesday. The stock has a market capitalization of $48.42 million, a P/E ratio of 1.17 and a beta of 0.76. MEI Pharma has a 1-year low of $4.00 and a 1-year high of $8.60. The business has a fifty day moving average price of $6.61 and a 200-day moving average price of $6.78.

MEI Pharma (NASDAQ:MEIP) last posted its earnings results on Tuesday, September 26th. The company reported ($1.51) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.25) by $1.74. MEI Pharma had a return on equity of 86.21% and a net margin of 39.06%. The company had revenue of $1.46 million for the quarter, compared to the consensus estimate of $0.75 million. As a group, analysts anticipate that MEI Pharma will post -4.89 earnings per share for the current year.

MEI Pharma Dividend Announcement

The company also recently declared a dividend, which will be paid on Wednesday, December 6th. Investors of record on Friday, November 17th will be issued a dividend of $1.75 per share. The ex-dividend date is Thursday, November 16th.

About MEI Pharma

MEI Pharma, Inc, a clinical-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 for the treatment of patients with relapsed/refractory follicular lymphoma; and Voruciclib, an oral cyclin-dependent kinase 9 inhibitor, which is in Phase I clinical trial for acute myeloid leukemia and B-cell malignancies.