Zacks Investment Research downgraded shares of MEI Pharma, Inc. (NASDAQ:MEIP) from a buy rating to a hold rating in a research note issued 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. “
Several other brokerages also recently commented on MEIP. Cann reiterated a buy rating and set 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 MEI Pharma and gave the stock a buy rating in a research note on Wednesday, May 31st.
Shares of MEI Pharma (NASDAQ:MEIP) opened at 2.74 on Thursday. The firm’s 50-day moving average price is $2.75 and its 200-day moving average price is $1.96. The company has a market cap of $100.76 million, a PE ratio of 80.59 and a beta of 1.56. MEI Pharma has a 12 month low of $1.34 and a 12 month high of $3.26.
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Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in shares of MEI Pharma by 2,508.7% in the second quarter. JPMorgan Chase & Co. now owns 67,825 shares of the company’s stock valued at $162,000 after buying an additional 65,225 shares in the last quarter. ClariVest Asset Management LLC purchased a new stake in MEI Pharma during the second quarter valued at about $480,000. Spark Investment Management LLC increased its stake in MEI Pharma by 119.3% in the second quarter. Spark Investment Management LLC now owns 62,500 shares of the company’s stock valued at $149,000 after buying an additional 34,000 shares during the period. Bank of Montreal Can purchased a new stake in MEI Pharma during the second quarter valued at about $126,000. Finally, Goldman Sachs Group Inc. increased 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 valued at $131,000 after buying an additional 45,793 shares during the period. Institutional investors own 17.50% of the company’s stock.
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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