MEI Pharma, Inc. (MEIP) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS
MEI Pharma, Inc. (NASDAQ:MEIP) issued its quarterly earnings results on Tuesday. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.03, Bloomberg Earnings reports. The company had revenue of $0.45 million during the quarter, compared to analysts’ expectations of $0.60 million. MEI Pharma had a return on equity of 5.27% and a net margin of 11.48%.
Shares of MEI Pharma (MEIP) opened at 2.80 on Thursday. The firm has a market cap of $102.96 million, a PE ratio of 82.35 and a beta of 1.65. MEI Pharma has a 52 week low of $1.34 and a 52 week high of $3.26. The stock has a 50 day moving average price of $2.78 and a 200 day moving average price of $2.10.
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Several equities research analysts have recently weighed in on the company. Zacks Investment Research raised MEI Pharma from a “hold” rating to a “buy” rating and set a $3.50 price target for the company in a research note on Wednesday, July 19th. Oppenheimer Holdings, Inc. set a $7.00 price target on MEI Pharma and gave the company a “buy” rating in a research note on Wednesday, May 31st. Finally, Cann reissued a “buy” rating and issued a $6.50 price target on shares of MEI Pharma in a research note on Monday, June 26th.
A number of large investors have recently made changes to their positions in MEIP. TFS Capital LLC increased its holdings in MEI Pharma by 91.5% during the 1st quarter. TFS Capital LLC now owns 75,489 shares of the company’s stock valued at $122,000 after purchasing an additional 36,078 shares during the period. Bank of Montreal Can purchased a new position in MEI Pharma during the 2nd quarter valued at about $126,000. Goldman Sachs Group Inc. increased its holdings in MEI Pharma by 131.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 80,570 shares of the company’s stock valued at $131,000 after purchasing an additional 45,793 shares during the period. Spark Investment Management LLC increased its holdings in MEI Pharma by 119.3% during the 2nd quarter. Spark Investment Management LLC now owns 62,500 shares of the company’s stock valued at $149,000 after purchasing an additional 34,000 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in MEI Pharma by 2,508.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 67,825 shares of the company’s stock valued at $162,000 after purchasing an additional 65,225 shares during the period. Institutional investors own 18.00% of the company’s stock.
About MEI Pharma
MEI Pharma, Inc is an oncology company. The Company is focused on the clinical development of drugs and therapies for treatment of cancer. The Company’s portfolio of clinical drug candidates includes Pracinostat, ME-344 and PWT143. Pracinostat is an orally available histone deacetylase (HDAC) inhibitor indicated for the treatment of advanced hematologic diseases, such as acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS).
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