MEI Pharma Inc (NASDAQ:MEIP) Expected to Announce Quarterly Sales of $51.24 Million

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Wall Street brokerages expect MEI Pharma Inc (NASDAQ:MEIP) to report sales of $51.24 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for MEI Pharma’s earnings, with the highest sales estimate coming in at $101.28 million and the lowest estimate coming in at $1.20 million. MEI Pharma reported sales of $1.13 million during the same quarter last year, which indicates a positive year over year growth rate of 4,434.5%. The firm is scheduled to report its next quarterly earnings report on Wednesday, August 26th.

According to Zacks, analysts expect that MEI Pharma will report full-year sales of $37.43 million for the current fiscal year, with estimates ranging from $3.00 million to $104.68 million. For the next financial year, analysts forecast that the business will post sales of $23.95 million, with estimates ranging from $16.74 million to $31.16 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for MEI Pharma.

MEI Pharma (NASDAQ:MEIP) last posted its earnings results on Thursday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. MEI Pharma had a negative return on equity of 60.32% and a negative net margin of 539.48%. The company had revenue of $1.24 million for the quarter, compared to analysts’ expectations of $1.28 million.

A number of equities research analysts recently weighed in on the stock. ValuEngine upgraded shares of MEI Pharma from a “hold” rating to a “buy” rating in a research note on Monday, March 23rd. Wells Fargo & Co restated a “market perform” rating and set a $13.00 price objective on shares of MEI Pharma in a research note on Sunday, June 14th. SunTrust Banks assumed coverage on shares of MEI Pharma in a research note on Friday, May 29th. They set a “buy” rating and a $16.00 price objective on the stock. Ci Capital restated a “buy” rating and set a $9.00 price objective on shares of MEI Pharma in a research note on Monday, June 22nd. Finally, BidaskClub upgraded shares of MEI Pharma from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 25th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $10.15.

Shares of NASDAQ MEIP opened at $4.12 on Tuesday. MEI Pharma has a fifty-two week low of $0.72 and a fifty-two week high of $4.46. The firm’s 50-day simple moving average is $3.60 and its 200 day simple moving average is $2.44. The stock has a market cap of $455.80 million, a P/E ratio of -13.73 and a beta of 1.95.

Large investors have recently added to or reduced their stakes in the stock. Citigroup Inc. grew its holdings in MEI Pharma by 317.3% during the fourth quarter. Citigroup Inc. now owns 14,113 shares of the company’s stock worth $35,000 after acquiring an additional 10,731 shares during the period. Cubist Systematic Strategies LLC acquired a new position in MEI Pharma during the fourth quarter worth about $36,000. Victory Capital Management Inc. increased its stake in MEI Pharma by 48.8% in the 4th quarter. Victory Capital Management Inc. now owns 16,047 shares of the company’s stock worth $37,000 after purchasing an additional 5,264 shares in the last quarter. Raymond James & Associates purchased a new position in MEI Pharma in the 4th quarter worth about $47,000. Finally, Zebra Capital Management LLC increased its stake in MEI Pharma by 79.0% in the 4th quarter. Zebra Capital Management LLC now owns 22,708 shares of the company’s stock worth $56,000 after purchasing an additional 10,021 shares in the last quarter. 66.82% of the stock is currently owned by hedge funds and other institutional investors.

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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Earnings History and Estimates for MEI Pharma (NASDAQ:MEIP)

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