Zacks Investment Research downgraded shares of MEI Pharma, Inc. (NASDAQ:MEIP) from a strong-buy rating to a hold rating in a report released on Wednesday 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. “

Shares of MEI Pharma (MEIP) traded up $0.08 during midday trading on Wednesday, hitting $2.43. The stock had a trading volume of 262,838 shares, compared to its average volume of 231,215. The firm has a market capitalization of $94.96, a P/E ratio of 42.83 and a beta of 1.51. MEI Pharma has a fifty-two week low of $1.34 and a fifty-two week high of $3.26.

MEI Pharma (NASDAQ:MEIP) last issued its quarterly earnings data on Tuesday, September 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.03. The business had revenue of $0.45 million during the quarter, compared to the consensus estimate of $0.60 million. MEI Pharma had a return on equity of 5.26% and a net margin of 11.48%. analysts forecast that MEI Pharma will post -0.66 earnings per share for the current year.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can acquired a new position in shares of MEI Pharma during the second quarter worth approximately $126,000. Goldman Sachs Group Inc. boosted its position in shares of MEI Pharma by 131.7% during 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 period. Spark Investment Management LLC boosted its position in shares of MEI Pharma by 119.3% during 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 during the period. JPMorgan Chase & Co. boosted its position in shares of MEI Pharma by 2,508.7% during 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 period. Finally, Nationwide Fund Advisors acquired a new position in shares of MEI Pharma during the third quarter worth approximately $229,000. Institutional investors and hedge funds own 18.11% 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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