MEI Pharma, Inc. (NASDAQ:MEIP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday.

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. “

MEI Pharma (NASDAQ:MEIP) opened at $2.43 on Wednesday. MEI Pharma has a 52 week low of $1.34 and a 52 week high of $3.26.

MEI Pharma (NASDAQ:MEIP) last released its quarterly earnings results on Tuesday, September 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.03. MEI Pharma had a negative net margin of 8.24% and a negative return on equity of 3.45%. The firm had revenue of $0.45 million during the quarter, compared to the consensus estimate of $0.60 million. sell-side analysts expect that MEI Pharma will post -0.66 earnings per share for the current year.

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Several institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC increased its position in shares of MEI Pharma by 58.6% during the first quarter. Renaissance Technologies LLC now owns 1,564,428 shares of the company’s stock worth $2,534,000 after buying an additional 578,009 shares during the period. Vanguard Group Inc. increased its position in shares of MEI Pharma by 12.3% during the second quarter. Vanguard Group Inc. now owns 740,580 shares of the company’s stock worth $1,770,000 after buying an additional 81,308 shares during the period. FMR LLC grew its holdings in MEI Pharma by 11.2% in the first quarter. FMR LLC now owns 351,000 shares of the company’s stock worth $569,000 after purchasing an additional 35,476 shares during the period. OxFORD Asset Management LLP grew its holdings in MEI Pharma by 116.2% in the second quarter. OxFORD Asset Management LLP now owns 235,025 shares of the company’s stock worth $562,000 after purchasing an additional 126,303 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in MEI Pharma by 659.3% in the third quarter. Russell Investments Group Ltd. now owns 204,199 shares of the company’s stock worth $547,000 after purchasing an additional 177,306 shares during the period. Institutional investors 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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