MEI Pharma Inc (MEIP) Receives Consensus Recommendation of “Buy” from Analysts

MEI Pharma Inc (NASDAQ:MEIP) has been given a consensus rating of “Buy” by the nine ratings firms that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $8.10.

MEIP has been the topic of a number of recent research reports. Cann reissued a “buy” rating and issued a $7.50 target price on shares of MEI Pharma in a report on Friday, August 31st. Stifel Nicolaus raised MEI Pharma from a “hold” rating to a “buy” rating and set a $7.00 price objective on the stock in a report on Thursday, July 26th. Zacks Investment Research raised MEI Pharma from a “hold” rating to a “buy” rating and set a $5.00 price objective on the stock in a report on Wednesday, July 11th. BidaskClub lowered MEI Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, October 3rd. Finally, SunTrust Banks started coverage on MEI Pharma in a report on Friday, July 13th. They set a “buy” rating and a $12.00 price objective on the stock.

NASDAQ:MEIP opened at $3.75 on Tuesday. The company has a market capitalization of $306.38 million, a PE ratio of -5.07 and a beta of 1.79. MEI Pharma has a 12-month low of $1.79 and a 12-month high of $5.14.

MEI Pharma (NASDAQ:MEIP) last released its earnings results on Thursday, August 30th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.14). The company had revenue of $0.55 million during the quarter, compared to analyst estimates of $0.46 million. MEI Pharma had a negative net margin of 2,470.28% and a negative return on equity of 67.76%. Sell-side analysts forecast that MEI Pharma will post -0.62 EPS for the current year.

In related news, COO David M. Urso sold 9,500 shares of the company’s stock in a transaction on Tuesday, August 7th. The stock was sold at an average price of $3.58, for a total transaction of $34,010.00. Following the transaction, the chief operating officer now owns 33,606 shares of the company’s stock, valued at $120,309.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.25% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its holdings in MEI Pharma by 4.1% during the second quarter. Dimensional Fund Advisors LP now owns 445,698 shares of the company’s stock worth $1,756,000 after acquiring an additional 17,562 shares during the period. Citadel Advisors LLC grew its holdings in MEI Pharma by 167.3% during the second quarter. Citadel Advisors LLC now owns 34,488 shares of the company’s stock worth $135,000 after acquiring an additional 21,588 shares during the period. Keybank National Association OH acquired a new position in MEI Pharma during the second quarter worth $102,000. Ardsley Advisory Partners acquired a new position in MEI Pharma during the second quarter worth $197,000. Finally, Sio Capital Management LLC grew its holdings in MEI Pharma by 13.0% during the first quarter. Sio Capital Management LLC now owns 934,563 shares of the company’s stock worth $1,935,000 after acquiring an additional 107,650 shares during the period. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

About MEI Pharma

MEI Pharma, Inc, a pharmaceutical company, focuses on the clinical development of novel therapies for the treatment of cancer. The company's clinical drug candidate includes Pracinostat, an oral available histone deacetylase inhibitor for the treatment of patients with acute myeloid leukemia and myelodysplastic syndrome.

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Analyst Recommendations for MEI Pharma (NASDAQ:MEIP)

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