MEI Pharma (NASDAQ:MEIP) Stock Rating Lowered by Laidlaw

MEI Pharma (NASDAQ:MEIP) was downgraded by analysts at Laidlaw from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Marketbeat reports.

A number of other analysts also recently issued reports on MEIP. StockNews.com began coverage on MEI Pharma in a research report on Thursday, July 18th. They issued a “buy” rating on the stock. Stifel Nicolaus reissued a “hold” rating and set a $7.00 price target on shares of MEI Pharma in a research report on Friday, April 12th. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $7.00.

MEI Pharma Stock Performance

NASDAQ:MEIP opened at $3.31 on Tuesday. The stock’s 50-day simple moving average is $2.94 and its 200 day simple moving average is $3.67. The company has a market cap of $22.04 million, a P/E ratio of 0.84 and a beta of 0.86. MEI Pharma has a 52-week low of $2.73 and a 52-week high of $7.87.

MEI Pharma (NASDAQ:MEIP) last released its earnings results on Thursday, May 9th. The company reported ($1.37) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.38) by $0.01. As a group, equities analysts predict that MEI Pharma will post 3.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MEI Pharma

A hedge fund recently bought a new stake in MEI Pharma stock. Cable Car Capital LLC acquired a new position in shares of MEI Pharma, Inc. (NASDAQ:MEIP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 611,440 shares of the company’s stock, valued at approximately $3,546,000. MEI Pharma accounts for approximately 3.9% of Cable Car Capital LLC’s portfolio, making the stock its 10th largest position. Cable Car Capital LLC owned approximately 9.18% of MEI Pharma at the end of the most recent quarter. 52.38% of the stock is owned by hedge funds and other institutional investors.

About MEI Pharma

MEI Pharma, Inc, a clinical-stage pharmaceutical company, focuses on the development and commercialization of various therapies for the treatment of cancer. The company develops Zandelisib, an oral phosphatidylinositol 3-kinase delta inhibitor for the treatment of patients with relapsed/refractory follicular lymphoma; and Voruciclib, an oral cyclin-dependent kinase 9 inhibitor, which is in Phase I clinical trial for acute myeloid leukemia and B-cell malignancies.