MEI Pharma (MEIP) Stock Rating Reaffirmed by Cann

Cann restated their buy rating on shares of MEI Pharma (NASDAQ:MEIP) in a research note published on Monday morning. Cann currently has a $7.50 target price on the stock.

“Preclinical data for Voruciclib demonstrated that it synergizes with venetoclax in AML cells, and supports expanding clinical investigation of the combination in AML. This compound potentially addresses one of the largest potential markets, CLL, of any of MEI’s compounds. Updated phase Ib data for ME-401 demonstrated response rates that remain impressive in follicular lymphoma (FL) and CLL/SLL. Importantly, safety mitigation data, for continuous verses intermittent dosing, and switching between the two, led to 89% of patients remaining on therapy, and 72% having no evidence of disease progression. These results informed the global randomized study that is being launched. We currently anticipate ME-401 being filed with FDA in 2021, and could launch in 2022 with sales of $620.6 million by 2023E.”,” Cann’s analyst wrote.

A number of other analysts also recently issued reports on the company. Zacks Investment Research downgraded MEI Pharma from a buy rating to a hold rating in a research report on Wednesday, November 14th. BidaskClub downgraded MEI Pharma from a hold rating to a sell rating in a research report on Friday, October 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. The company currently has an average rating of Buy and an average target price of $7.58.

Shares of NASDAQ:MEIP opened at $2.58 on Monday. The stock has a market cap of $199.15 million, a P/E ratio of -3.49 and a beta of 2.18. MEI Pharma has a 12-month low of $1.79 and a 12-month high of $5.14.

MEI Pharma (NASDAQ:MEIP) last issued its quarterly earnings data on Thursday, November 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). The business had revenue of $0.49 million for the quarter, compared to analyst estimates of $0.38 million. MEI Pharma had a negative return on equity of 71.32% and a negative net margin of 2,508.05%. Analysts predict that MEI Pharma will post -0.59 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in MEI Pharma by 4.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 445,698 shares of the company’s stock valued at $1,756,000 after acquiring an additional 17,562 shares during the period. Renaissance Technologies LLC boosted its holdings in MEI Pharma by 0.8% during the 3rd quarter. Renaissance Technologies LLC now owns 2,236,480 shares of the company’s stock valued at $9,639,000 after acquiring an additional 17,667 shares during the period. Citadel Advisors LLC boosted its holdings in MEI Pharma by 167.3% during the 2nd quarter. Citadel Advisors LLC now owns 34,488 shares of the company’s stock valued at $135,000 after acquiring an additional 21,588 shares during the period. Keybank National Association OH purchased a new position in MEI Pharma during the 2nd quarter valued at about $102,000. Finally, Virtu Financial LLC purchased a new position in MEI Pharma during the 3rd quarter valued at about $232,000. Institutional investors own 50.79% of the company’s stock.

MEI Pharma Company Profile

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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