MEI Pharma (MEIP) Receives “Buy” Rating from Cann
MEI Pharma (NASDAQ:MEIP)‘s stock had its “buy” rating reiterated by research analysts at Cann in a research note issued to investors on Thursday. They presently have a $7.50 target price on the stock. Cann’s target price indicates a potential upside of 86.57% from the company’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.””
Other equities research analysts have also issued research reports about the company. Stifel Nicolaus upgraded MEI Pharma from a “hold” rating to a “buy” rating and set a $7.00 price objective on the stock in a research report on Thursday, July 26th. Zacks Investment Research lowered MEI Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, July 18th. BidaskClub lowered MEI Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, October 3rd. Finally, SunTrust Banks initiated coverage on MEI Pharma in a research report on Friday, July 13th. They issued a “buy” rating and a $12.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $7.58.
MEI Pharma (NASDAQ:MEIP) last released its quarterly earnings data 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). MEI Pharma had a negative return on equity of 67.76% and a negative net margin of 2,470.28%. The company had revenue of $0.55 million during the quarter, compared to analysts’ expectations of $0.46 million. As a group, sell-side analysts forecast that MEI Pharma will post -0.62 earnings per share for the current year.
In other news, COO David M. Urso sold 9,500 shares of the stock in a transaction that occurred on Tuesday, August 7th. The stock was 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 approximately $120,309.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.25% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Vivo Capital LLC purchased a new position in shares of MEI Pharma during the 2nd quarter valued at approximately $26,007,000. NEA Management Company LLC purchased a new position in shares of MEI Pharma during the 2nd quarter valued at approximately $22,539,000. Boxer Capital LLC purchased a new position in shares of MEI Pharma during the 2nd quarter valued at approximately $11,478,000. Renaissance Technologies LLC lifted its position in shares of MEI Pharma by 17.3% during the 2nd quarter. Renaissance Technologies LLC now owns 2,218,813 shares of the company’s stock valued at $8,742,000 after buying an additional 327,500 shares in the last quarter. Finally, Sio Capital Management LLC lifted its position in shares of MEI Pharma by 133.7% during the 2nd quarter. Sio Capital Management LLC now owns 2,183,986 shares of the company’s stock valued at $8,605,000 after buying an additional 1,249,423 shares in the last quarter. 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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