MEI Pharma (MEIP) Downgraded to Sell at BidaskClub

BidaskClub lowered shares of MEI Pharma (NASDAQ:MEIP) from a hold rating to a sell rating in a research report released on Friday.

A number of other brokerages have also commented on MEIP. Cann reaffirmed a buy rating and set a $7.50 price objective on shares of MEI Pharma in a research report on Thursday. Stifel Nicolaus raised shares of MEI Pharma from a hold rating to a buy rating and set a $7.00 price target for the company in a research report on Thursday, July 26th. Zacks Investment Research lowered shares of MEI Pharma from a buy rating to a hold rating in a research report on Wednesday, July 18th. Finally, SunTrust Banks started coverage on shares of MEI Pharma in a research report on Friday, July 13th. They issued a buy rating and a $12.00 price target for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. MEI Pharma presently has a consensus rating of Buy and an average target price of $7.58.

Shares of MEIP traded up $0.15 during trading hours on Friday, reaching $4.02. 435,342 shares of the company traded hands, compared to its average volume of 326,877. The firm has a market capitalization of $306.38 million, a P/E ratio of -5.43 and a beta of 1.79. MEI Pharma has a 1-year low of $1.79 and a 1-year high of $5.14.

MEI Pharma (NASDAQ:MEIP) last announced its quarterly earnings data on Thursday, August 30th. The company reported ($0.36) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.14). The company had revenue of $0.55 million for 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%. Equities research analysts predict that MEI Pharma will post -0.62 earnings per share for the current year.

In related news, COO David M. Urso sold 9,500 shares of the 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 transaction, the chief operating officer now owns 33,606 shares of the company’s stock, valued at $120,309.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.25% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Keybank National Association OH bought a new stake in MEI Pharma during the second quarter worth about $102,000. Citadel Advisors LLC grew its stake 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 buying an additional 21,588 shares during the last quarter. Ardsley Advisory Partners bought a new stake in MEI Pharma during the second quarter worth about $197,000. Bailard Inc. bought a new stake in MEI Pharma during the second quarter worth about $571,000. Finally, Wasatch Advisors Inc. bought a new stake in MEI Pharma during the second quarter worth about $1,003,000. 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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