Zacks Investment Research upgraded shares of MEI Pharma, Inc. (NASDAQ:MEIP) from a hold rating to a strong-buy rating in a report published on Saturday. The firm currently has $3.25 price target on the stock.

According to Zacks, “MEI Pharma, Inc. is an oncology company focused on the clinical development of novel therapeutics targeting cancer metabolism. The Company is focused on the clinical development of its two lead isoflavone-based drug candidates, ME-143 and ME-344. MEI Pharma, Inc., formerly known as Marshall Edwards, Inc., is based in San Diego. “

A number of other equities research analysts have also recently weighed in on the company. Cann reiterated a buy rating and issued a $6.50 price objective on shares of MEI Pharma in a research note on Monday, June 26th. Oppenheimer Holdings, Inc. set a $7.00 price target on MEI Pharma and gave the stock a buy rating in a research note on Wednesday, June 14th.

MEI Pharma (NASDAQ:MEIP) opened at 2.81 on Friday. The firm has a market cap of $103.33 million, a P/E ratio of 82.65 and a beta of 1.65. The company has a 50-day moving average of $2.76 and a 200 day moving average of $2.12. MEI Pharma has a one year low of $1.34 and a one year high of $3.26.

MEI Pharma (NASDAQ:MEIP) last issued its quarterly earnings data on Tuesday, September 5th. The company reported ($0.12) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.03. MEI Pharma had a return on equity of 5.26% and a net margin of 11.48%. The company had revenue of $0.45 million during the quarter, compared to analysts’ expectations of $0.60 million. Equities research analysts expect that MEI Pharma will post ($1.15) earnings per share for the current fiscal year.

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Several institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its stake in shares of MEI Pharma by 58.6% during the first quarter. Renaissance Technologies LLC now owns 1,564,428 shares of the company’s stock worth $2,534,000 after purchasing an additional 578,009 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of MEI Pharma by 12.3% during the second quarter. Vanguard Group Inc. now owns 740,580 shares of the company’s stock worth $1,770,000 after purchasing an additional 81,308 shares during the last quarter. FMR LLC raised its stake in shares of MEI Pharma by 11.2% during the first quarter. FMR LLC now owns 351,000 shares of the company’s stock worth $569,000 after purchasing an additional 35,476 shares during the last quarter. OxFORD Asset Management LLP raised its stake in shares of MEI Pharma by 116.2% during the second quarter. OxFORD Asset Management LLP now owns 235,025 shares of the company’s stock worth $562,000 after purchasing an additional 126,303 shares during the last quarter. Finally, ClariVest Asset Management LLC purchased a new stake in shares of MEI Pharma during the second quarter worth approximately $480,000. Institutional investors and hedge funds own 18.00% of the company’s stock.

MEI Pharma Company Profile

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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