Analysts forecast that MEI Pharma Inc (NASDAQ:MEIP) will announce $5.17 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for MEI Pharma’s earnings, with the lowest sales estimate coming in at $330,000.00 and the highest estimate coming in at $10.00 million. MEI Pharma reported sales of $360,000.00 during the same quarter last year, which would suggest a positive year over year growth rate of 1,336.1%. The firm is expected to issue its next quarterly earnings results on Thursday, February 14th.

According to Zacks, analysts expect that MEI Pharma will report full year sales of $5.98 million for the current fiscal year, with estimates ranging from $1.33 million to $11.30 million. For the next fiscal year, analysts forecast that the firm will report sales of $19.55 million, with estimates ranging from $1.25 million to $38.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover MEI Pharma.

MEI Pharma (NASDAQ:MEIP) last issued its quarterly earnings data on Thursday, August 30th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.14). The business had revenue of $0.55 million during the quarter, compared to the consensus estimate of $0.46 million. MEI Pharma had a negative return on equity of 71.32% and a negative net margin of 2,508.05%.

A number of equities analysts recently commented on the stock. Cann reissued a “buy” rating and issued a $7.50 price objective on shares of MEI Pharma in a research note on Friday, August 31st. Zacks Investment Research downgraded shares of MEI Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, July 18th. BidaskClub downgraded shares of MEI Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, October 3rd. Finally, Stifel Nicolaus raised shares of MEI Pharma from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research note on Thursday, July 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $7.58.

Shares of NASDAQ:MEIP opened at $2.99 on Wednesday. The company has a market capitalization of $233.29 million, a P/E ratio of -4.04 and a beta of 2.19. MEI Pharma has a 52 week low of $1.79 and a 52 week high of $5.14.

Several hedge funds have recently modified their holdings of the company. Bailard Inc. increased its position in shares of MEI Pharma by 182.8% during the third quarter. Bailard Inc. now owns 410,000 shares of the company’s stock worth $1,767,000 after purchasing an additional 265,000 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of MEI Pharma by 0.8% during the third quarter. Renaissance Technologies LLC now owns 2,236,480 shares of the company’s stock worth $9,639,000 after purchasing an additional 17,667 shares in the last quarter. Monashee Investment Management LLC acquired a new position in shares of MEI Pharma during the third quarter worth $322,000. Virtu Financial LLC acquired a new position in shares of MEI Pharma during the third quarter worth $232,000. Finally, Wasatch Advisors Inc. increased its position in shares of MEI Pharma by 23.8% during the third quarter. Wasatch Advisors Inc. now owns 315,130 shares of the company’s stock worth $1,358,000 after purchasing an additional 60,653 shares in the last quarter. 51.12% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: Retained Earnings

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Earnings History and Estimates for MEI Pharma (NASDAQ:MEIP)

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