MEI Pharma (NASDAQ:MEIP) Updated by StockNews.com to “Buy”

MEI Pharma (NASDAQ: MEIP – Get a rating) has been updated by StockNews.com from a “hold” rating to a “buy” rating in a research note released Saturday.

A number of other research analysts also commented on the company. Jefferies Financial Group assumed coverage for MEI Pharma in a Thursday, Feb. 3 report. They set a “buy” rating and a price target of $4.00 for the company. HC Wainwright restated a “buy” rating and issued a target price of $10.00 on MEI Pharma shares in a research note on Tuesday, February 15. Ultimately, Zacks Investment Research downgraded MEI Pharma from a “buy” rating to a “hold” rating in a Friday, February 4 research note. One equity research analyst gave the stock a hold rating and six gave the company’s stock a buy rating. According to data from MarketBeat, MEI Pharma currently has an average rating of “Buy” and an average target price of $8.96.

MEIP shares opened at $1.78 on Friday. MEI Pharma has a 12 month minimum of $1.68 and a 12 month maximum of $3.91. The company has a market capitalization of $236.72 million, a PE ratio of -3.02 and a beta of 1.38. The stock has a 50-day moving average of $2.07 and a 200-day moving average of $2.54.

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MEI Pharma (NASDAQ: MEIP – Get a rating) last released its quarterly results on Thursday, February 10. The company reported EPS of $0.05 for the quarter, beating analyst consensus estimates of $0.19 ($0.14). MEI Pharma had a negative return on equity of 83.20% and a negative net margin of 123.86%. On average, stock analysts expect MEI Pharma to post EPS of -0.64 for the current fiscal year.

Several hedge funds and other institutional investors have recently changed their stock holdings. Amalgamated Bank increased its stake in MEI Pharma shares by 29.9% in the second quarter. Amalgamated Bank now owns 20,472 shares of the company valued at $58,000 after buying an additional 4,709 shares in the last quarter. Principal Financial Group Inc. increased its stake in MEI Pharma by 36.4% during the third quarter. Principal Financial Group Inc. now owns 22,945 shares of the company worth $63,000 after acquiring 6,117 additional shares in the last quarter. Citigroup Inc. increased its stake in MEI Pharma by 151.5% during the third quarter. Citigroup Inc. now owns 12,979 shares of the company worth $36,000 after acquiring 7,818 additional shares in the last quarter. Strategic Wealth Advisors Group LLC increased its stake in MEI Pharma by 5.4% during the third quarter. Strategic Wealth Advisors Group LLC now owns 165,500 shares of the company worth $457,000 after acquiring 8,500 additional shares in the last quarter. Finally, Invesco Ltd. increased its stake in MEI Pharma by 32.6% during the third quarter. Invesco Ltd. now owns 38,504 shares of the company worth $106,000 after acquiring 9,468 additional shares last quarter. Institutional investors and hedge funds hold 68.89% of the company’s shares.

About MEI Pharma (Get a rating)

MEI Pharma, Inc is a pharmaceutical company dedicated to the clinical development of cancer therapies. Its drug candidates include Pracinostat, an oral HDAC inhibitor that is being developed in combination with azacitidine for the treatment of acute myeloid leukemia and myelodysplastic syndrome.

Further reading

Analyst Recommendations for MEI Pharma (NASDAQ: MEIP)

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