Zacks Investment Research Lowers MEI Pharma, Inc. (NASDAQ:MEIP) to Hold

Zacks Investment Research lowered shares of MEI Pharma, Inc. (NASDAQ:MEIP) from a buy rating to a hold rating in a research report sent to investors on Thursday, July 20th.

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. “

A number of other equities analysts also recently weighed in on the company. Cann restated a buy rating and issued a $6.50 target price on shares of MEI Pharma in a research note on Monday, June 26th. Oppenheimer Holdings, Inc. set a $7.00 target price on shares of MEI Pharma and gave the company a buy rating in a report on Wednesday, June 14th.

Shares of MEI Pharma (NASDAQ MEIP) remained flat at $2.77 on Thursday. 92,011 shares of the company’s stock traded hands. The firm has a market capitalization of $101.86 million, a P/E ratio of 81.47 and a beta of 1.56. The firm has a 50 day moving average price of $2.81 and a 200 day moving average price of $1.99. MEI Pharma has a 12-month low of $1.34 and a 12-month high of $3.26.

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Several institutional investors have recently modified their holdings of MEIP. Bank of Montreal Can bought a new position in MEI Pharma during the second quarter worth about $126,000. Spark Investment Management LLC increased its position in shares of MEI Pharma by 119.3% in the second quarter. Spark Investment Management LLC now owns 62,500 shares of the company’s stock worth $149,000 after buying an additional 34,000 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in MEI Pharma by 2,508.7% in the second quarter. JPMorgan Chase & Co. now owns 67,825 shares of the company’s stock worth $162,000 after buying an additional 65,225 shares during the last quarter. TFS Capital LLC boosted its stake in MEI Pharma by 91.5% in the first quarter. TFS Capital LLC now owns 75,489 shares of the company’s stock worth $122,000 after buying an additional 36,078 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in MEI Pharma by 131.7% in the first quarter. Goldman Sachs Group Inc. now owns 80,570 shares of the company’s stock worth $131,000 after buying an additional 45,793 shares during the last quarter. 18.03% of the stock is owned by hedge funds and other institutional investors.

About MEI Pharma

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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