Zacks Investment Research lowered shares of MEI Pharma, Inc. (NASDAQ:MEIP) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday.

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. “

Shares of MEI Pharma (MEIP) opened at $2.47 on Wednesday. MEI Pharma has a 52 week low of $1.34 and a 52 week high of $3.26.

MEI Pharma (NASDAQ:MEIP) last posted its earnings results on Tuesday, September 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.03. MEI Pharma had a negative return on equity of 3.62% and a negative net margin of 8.24%. The business had revenue of $0.45 million during the quarter, compared to analysts’ expectations of $0.60 million. analysts anticipate that MEI Pharma will post -1.02 EPS for the current year.

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Hedge funds and other institutional investors have recently bought and sold shares of the stock. OxFORD Asset Management LLP increased its stake in MEI Pharma by 116.2% during the 2nd 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 in the last quarter. JPMorgan Chase & Co. increased its stake in MEI Pharma by 2,508.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 67,825 shares of the company’s stock worth $162,000 after purchasing an additional 65,225 shares in the last quarter. Bank of Montreal Can bought a new stake in MEI Pharma during the 2nd quarter worth approximately $126,000. Spark Investment Management LLC grew its stake in shares of MEI Pharma by 119.3% during the 2nd quarter. Spark Investment Management LLC now owns 62,500 shares of the company’s stock worth $149,000 after acquiring an additional 34,000 shares in the last quarter. Finally, FMR LLC grew its stake in shares of MEI Pharma by 11.2% during the 1st quarter. FMR LLC now owns 351,000 shares of the company’s stock worth $569,000 after acquiring an additional 35,476 shares in the last quarter. 18.11% of the stock is owned by institutional investors and hedge funds.

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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