“MEI Pharma’s loss per share of $0.21 was higher than our estimated loss of $0.08 per share, due to expenses associated with warrants, and higher than estimated operating expenses. Operating loss of $10.0 million was 37.2% higher than our estimated $7.3 million, due to higher than estimated R&D and SG&A expenses. R&D expenses continue to be driven by the expanding scope and pace of clinical development for MEI Pharma’s multiple programs.”,” Cann’s analyst commented.
Several other research analysts also recently commented on 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 report on Thursday, July 26th. SunTrust Banks initiated coverage on MEI Pharma in a report on Friday, July 13th. They set a buy rating and a $12.00 price objective on the stock. BidaskClub downgraded MEI Pharma from a buy rating to a hold rating in a report on Wednesday, October 3rd. Finally, Zacks Investment Research downgraded MEI Pharma from a buy rating to a hold rating in a report on Wednesday, July 18th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. MEI Pharma has a consensus rating of Buy and a consensus price target of $7.58.
MEI Pharma (NASDAQ:MEIP) last issued its quarterly earnings results on Thursday, August 30th. The company reported ($0.36) earnings per share for the quarter, missing the 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 business had revenue of $0.55 million during the quarter, compared to analysts’ expectations of $0.46 million. Research analysts expect that MEI Pharma will post -0.56 EPS for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MEIP. Vivo Capital LLC purchased a new position in MEI Pharma during the 2nd quarter worth $26,007,000. NEA Management Company LLC purchased a new position in MEI Pharma during the 2nd quarter worth $22,539,000. Boxer Capital LLC purchased a new position in MEI Pharma during the 2nd quarter worth $11,478,000. Millennium Management LLC increased its holdings in MEI Pharma by 13,117.0% during the 2nd quarter. Millennium Management LLC now owns 1,394,790 shares of the company’s stock worth $5,495,000 after purchasing an additional 1,384,237 shares during the period. Finally, Sio Capital Management LLC increased its holdings in MEI Pharma by 133.7% during the 2nd quarter. Sio Capital Management LLC now owns 2,183,986 shares of the company’s stock worth $8,605,000 after purchasing an additional 1,249,423 shares during the period. Institutional investors own 51.12% 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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