Brokerages Set MEI Pharma Inc (MEIP) PT at $8.10

MEI Pharma Inc (NASDAQ:MEIP) has received an average recommendation of “Buy” from the eight analysts that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $8.10.

Several equities research analysts have recently commented on the company. Cann reissued a “buy” rating and set a $7.50 price target on shares of MEI Pharma in a research note on Friday, August 31st. SunTrust Banks assumed coverage on MEI Pharma in a research note on Friday, July 13th. They set a “buy” rating and a $12.00 price target on the stock. Zacks Investment Research lowered MEI Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, July 18th. Wells Fargo & Co raised MEI Pharma from a “market perform” rating to an “outperform” rating in a research note on Wednesday, June 6th. Finally, Stifel Nicolaus raised MEI Pharma from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research note on Thursday, July 26th.

In other news, COO David M. Urso sold 9,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $3.58, for a total transaction of $34,010.00. Following the sale, the chief operating officer now owns 33,606 shares of the company’s stock, valued at approximately $120,309.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.25% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in MEIP. Keybank National Association OH purchased a new stake in MEI Pharma in the 2nd quarter valued at approximately $102,000. Citadel Advisors LLC lifted its stake in MEI Pharma by 167.3% in the 2nd quarter. Citadel Advisors LLC now owns 34,488 shares of the company’s stock valued at $135,000 after buying an additional 21,588 shares in the last quarter. Ardsley Advisory Partners purchased a new stake in MEI Pharma in the 2nd quarter valued at approximately $197,000. Bailard Inc. purchased a new stake in MEI Pharma in the 2nd quarter valued at approximately $571,000. Finally, Wasatch Advisors Inc. purchased a new stake in MEI Pharma in the 2nd quarter valued at approximately $1,003,000. 97.50% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ MEIP opened at $4.57 on Friday. MEI Pharma has a 12-month low of $1.79 and a 12-month high of $5.14. The company has a market cap of $310.65 million, a price-to-earnings ratio of -6.18 and a beta of 2.00.

MEI Pharma (NASDAQ:MEIP) last released its earnings results on Thursday, August 30th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.14). The business had revenue of $0.55 million for the quarter, compared to analyst estimates of $0.46 million. MEI Pharma had a negative return on equity of 67.76% and a negative net margin of 2,470.28%. sell-side analysts forecast that MEI Pharma will post -0.64 earnings per share for the current fiscal year.

About MEI Pharma

MEI Pharma, Inc, an oncology company, focuses on the clinical development of drugs for the treatment of cancer. The company's clinical drug candidate includes Pracinostat, an orally available histone deacetylase inhibitor for the treatment of patients with acute myeloid leukemia and myelodysplastic syndrome.

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Analyst Recommendations for MEI Pharma (NASDAQ:MEIP)

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