MEI Pharma (NASDAQ:MEIP)‘s stock had its “buy” rating restated by equities research analysts at Cann in a note issued to investors on Thursday. They currently have a $7.50 price target on the stock. Cann’s target price would indicate a potential upside of 86.57% from the stock’s current price.
The analysts wrote, “We currently anticipate ME-401 being filed with FDA in 2021 and that the drug could launch in 2022 with sales of $620.6 million by 2023. The collaboration with BeiGene, to study ME-401 in combination with zanubrutnib, could result in data that expands ME-401’s potential use beyond our current outlook. The results of the phase Ib study, presented at 2018 ASCO, were very impressive, with ORR of 90%. In addition to these data, we believe the combination studies with rituximab and with zanubrutinib could expand the number of addressable patients for ME-401. ME-401 is one of four development stage assets in MEI Pharma’s portfolio and is the second most advanced.””
Several other analysts have also commented on the stock. BidaskClub lowered shares of MEI Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, October 3rd. Stifel Nicolaus raised shares of MEI Pharma from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a research report on Thursday, July 26th. Zacks Investment Research downgraded shares of MEI Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th. Finally, SunTrust Banks began coverage on shares of MEI Pharma in a report on Friday, July 13th. They set a “buy” rating and a $12.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. MEI Pharma currently has an average rating of “Buy” and a consensus target price of $7.58.
MEIP stock opened at $4.02 on Thursday. The stock has a market cap of $306.38 million, a price-to-earnings ratio of -5.43 and a beta of 1.79. MEI Pharma has a one year low of $1.79 and a one year high of $5.14.
MEI Pharma (NASDAQ:MEIP) last released its quarterly earnings results on Thursday, August 30th. The company reported ($0.36) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.14). The firm had revenue of $0.55 million for the quarter, compared to analysts’ expectations of $0.46 million. MEI Pharma had a negative net margin of 2,470.28% and a negative return on equity of 67.76%. As a group, equities research analysts predict that MEI Pharma will post -0.62 EPS for the current year.
In other news, COO David M. Urso sold 9,500 shares of the company’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $3.58, for a total transaction of $34,010.00. Following the transaction, the chief operating officer now owns 33,606 shares in the company, valued at $120,309.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.25% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Vivo Capital LLC acquired a new position in MEI Pharma in the 2nd quarter worth approximately $26,007,000. NEA Management Company LLC acquired a new position in MEI Pharma in the 2nd quarter worth approximately $22,539,000. Boxer Capital LLC acquired a new position in MEI Pharma in the 2nd quarter worth approximately $11,478,000. Renaissance Technologies LLC increased its holdings in MEI Pharma by 17.3% in the 2nd quarter. Renaissance Technologies LLC now owns 2,218,813 shares of the company’s stock worth $8,742,000 after buying an additional 327,500 shares during the period. Finally, Sio Capital Management LLC increased its holdings in MEI Pharma by 133.7% in the 2nd quarter. Sio Capital Management LLC now owns 2,183,986 shares of the company’s stock worth $8,605,000 after buying an additional 1,249,423 shares during the period. Hedge funds and other institutional investors own 51.19% of the company’s stock.
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.
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