“MEI Pharma’s loss per share of $0.21 was higher than our estimated loss of $0.08 per share, due to expenses associated with warrants, and higher than estimated operating expenses. Operating loss of $10.0 million was 37.2% higher than our estimated $7.3 million, due to higher than estimated R&D and SG&A expenses. R&D expenses continue to be driven by the expanding scope and pace of clinical development for MEI Pharma’s multiple programs.”,” the firm’s analyst commented.
A number of other brokerages have also commented on MEIP. BidaskClub lowered MEI Pharma from a buy rating to a hold rating in a research note on Wednesday, October 3rd. Stifel Nicolaus raised MEI Pharma from a hold rating to a buy rating and set a $7.00 price target for the company in a research note on Thursday, July 26th. Zacks Investment Research lowered MEI Pharma from a buy rating to a hold rating in a research note on Wednesday, July 18th. Finally, SunTrust Banks initiated coverage on MEI Pharma in a research note on Friday, July 13th. They set a buy rating and a $12.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. MEI Pharma currently has an average rating of Buy and a consensus price target of $7.58.
MEI Pharma (NASDAQ:MEIP) last announced its quarterly earnings results on Thursday, August 30th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.14). MEI Pharma had a negative net margin of 2,470.28% and a negative return on equity of 67.76%. The firm had revenue of $0.55 million for the quarter, compared to the consensus estimate of $0.46 million. On average, sell-side analysts predict that MEI Pharma will post -0.56 earnings per share for the current year.
Several large investors have recently bought and sold shares of MEIP. Wasatch Advisors Inc. bought a new stake in shares of MEI Pharma in the 2nd quarter valued at approximately $1,003,000. Bailard Inc. bought a new stake in shares of MEI Pharma in the 2nd quarter valued at approximately $571,000. Keybank National Association OH bought a new stake in shares of MEI Pharma in the 2nd quarter valued at approximately $102,000. NEA Management Company LLC bought a new stake in shares of MEI Pharma in the 2nd quarter valued at approximately $22,539,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of MEI Pharma by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 445,698 shares of the company’s stock valued at $1,756,000 after purchasing an additional 17,562 shares during the last quarter. 51.12% of the stock is owned by institutional investors and hedge funds.
MEI Pharma Company Profile
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: Cost of Capital
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