MEI Pharma Inc (MEIP) Expected to Announce Quarterly Sales of $520,000.00

Equities analysts expect MEI Pharma Inc (NASDAQ:MEIP) to announce sales of $520,000.00 for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for MEI Pharma’s earnings, with the highest sales estimate coming in at $800,000.00 and the lowest estimate coming in at $350,000.00. MEI Pharma reported sales of $280,000.00 during the same quarter last year, which suggests a positive year over year growth rate of 85.7%. The company is expected to issue its next earnings results on Wednesday, November 14th.

According to Zacks, analysts expect that MEI Pharma will report full-year sales of $1.47 million for the current financial year, with estimates ranging from $1.33 million to $1.60 million. For the next financial year, analysts anticipate that the business will post sales of $1.25 million. Zacks’ sales calculations are an average based on a survey of research firms that follow MEI Pharma.

MEI Pharma (NASDAQ:MEIP) last posted its earnings results on Thursday, August 30th. The company reported ($0.36) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.14). The firm had revenue of $0.55 million for the quarter, compared to analysts’ expectations of $0.46 million. MEI Pharma had a negative return on equity of 67.76% and a negative net margin of 2,470.28%.

Several brokerages have commented on MEIP. BidaskClub lowered shares of MEI Pharma from a “hold” rating to a “sell” rating in a report on Friday, October 12th. Cann restated a “buy” rating and issued a $7.50 price objective on shares of MEI Pharma in a report on Friday, August 31st. Stifel Nicolaus upgraded shares of MEI Pharma from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a report on Thursday, July 26th. Zacks Investment Research lowered shares of MEI Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th. Finally, SunTrust Banks began coverage on shares of MEI Pharma in a report on Friday, July 13th. They issued a “buy” rating and a $12.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. MEI Pharma has a consensus rating of “Buy” and a consensus price target of $7.58.

In other MEI Pharma news, COO David M. Urso sold 9,500 shares of the firm’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $3.58, for a total value of $34,010.00. Following the completion of the sale, the chief operating officer now directly owns 33,606 shares in the company, valued at $120,309.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.01% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Keybank National Association OH bought a new position in shares of MEI Pharma during the second quarter valued at approximately $102,000. Citadel Advisors LLC increased its stake in shares of MEI Pharma by 167.3% during the second quarter. Citadel Advisors LLC now owns 34,488 shares of the company’s stock valued at $135,000 after purchasing an additional 21,588 shares in the last quarter. Ardsley Advisory Partners bought a new position in shares of MEI Pharma during the second quarter valued at approximately $197,000. Bailard Inc. bought a new position in shares of MEI Pharma during the second quarter valued at approximately $571,000. Finally, Wasatch Advisors Inc. bought a new position in shares of MEI Pharma during the second quarter valued at approximately $1,003,000. 51.17% of the stock is owned by institutional investors and hedge funds.

MEIP traded up $0.05 on Friday, hitting $3.64. The company had a trading volume of 286,902 shares, compared to its average volume of 321,836. MEI Pharma has a 52-week low of $1.79 and a 52-week high of $5.14. The firm has a market capitalization of $266.68 million, a PE ratio of -4.92 and a beta of 1.79.

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.

Featured Story: Momentum Indicator: Relative Strength Index

Get a free copy of the Zacks research report on MEI Pharma (MEIP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for MEI Pharma (NASDAQ:MEIP)

Receive News & Ratings for MEI Pharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MEI Pharma and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply