Zacks Investment Research downgraded shares of MEI Pharma Inc. (NASDAQ:MEIP) from a buy rating to a hold rating in a research report report published on Thursday morning.

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. “

Separately, Wedbush restated a neutral rating and set a $2.00 target price on shares of MEI Pharma in a research report on Tuesday, August 2nd.

Shares of MEI Pharma (NASDAQ:MEIP) opened at 1.73 on Thursday. The stock’s market capitalization is $63.62 million. The firm’s 50-day moving average price is $1.86 and its 200 day moving average price is $1.49. MEI Pharma has a 52 week low of $0.87 and a 52 week high of $2.28.

MEI Pharma (NASDAQ:MEIP) last announced its earnings results on Tuesday, September 6th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.03. Analysts expect that MEI Pharma will post ($0.57) earnings per share for the current year.

Hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its stake in shares of MEI Pharma by 73.9% in the first quarter. Renaissance Technologies LLC now owns 478,700 shares of the company’s stock worth $603,000 after buying an additional 203,400 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of MEI Pharma during the first quarter worth about $283,000. Vivo Capital LLC purchased a new stake in shares of MEI Pharma during the first quarter worth about $3,487,000. Vanguard Group Inc. raised its stake in shares of MEI Pharma by 0.7% in the second quarter. Vanguard Group Inc. now owns 1,036,977 shares of the company’s stock worth $1,410,000 after buying an additional 7,383 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of MEI Pharma by 6.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 448,639 shares of the company’s stock worth $610,000 after buying an additional 25,860 shares during the last quarter. Hedge funds and other institutional investors own 20.75% 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).

5 Day Chart for NASDAQ:MEIP

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