MPM Oncology Impact Management LP recently announced the acquisition of new stake in MEI Pharma Inc. (NASDAQ:MEIP). The institutional investor has increased its shareholding in the Healthcare company by 62.21% to 10.14 million shares with purchase of 3.89 million shares. This fresh investment now brings its stake to 9.56% valued currently at $28.13 million. In addition, BlackRock Fund Advisors raised its holdings by 1.26 million to 6.13 million shares. And The Vanguard Group, Inc. has lifted its position by 5.34% or 0.23 million shares – to 4.59 million shares.
With over 1.04 million MEI Pharma Inc. (MEIP) shares trading Monday and a closing price of $2.72 on the day, the dollar volume was approximately $2.82 million. The shares have shown a positive weekly performance of 5.02% and its price on 08/31/20 gained nearly 2.64%. Currently, there are 106.00M common shares owned by the public and among those 102.68M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for MEIP have a consensus price objective of $9.44. The analysts have set the share’s price value over the next 12 months at a high of $13.00 and a low of $5.50 should the stock experience a downside. Incidentally, analysts’ outlook for the MEI Pharma Inc. stock is 1.70 for the next 12 months. But an upside of 79.08% will see the stock hit the forecast high price target while mean target price for the stock is $9.50.
Insiders at the company have transacted a total of 9 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 9 of these insider trades were purchases, accounting for 280,750 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in MEI Pharma Inc. are Vanguard Total Stock Market Index, Wasatch Ultra Growth Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market Index owns 2.87 million shares of the company’s stock, all valued at over $7.95 million. Wasatch Ultra Growth Fund sold -0.43 million shares to see its total holdings shrink to 2.83 million shares valued at over $7.85 million and representing 2.67% of the shares outstanding. iShares Russell 2000 ETF sold -0.1 million shares to bring its total holdings to over 2.14 million shares at a value of $5.95 million. iShares Russell 2000 ETF now owns shares totaling to 2.02% of the shares outstanding.
Shares of MEI Pharma Inc. (NASDAQ: MEIP) opened at $2.63, down -$0.02 from a prior closing price of $2.65. However, the script later closed the day at $2.72, up 2.64%. The company’s stock has a 5-day price change of 5.02% and -34.46% over the past three months. MEIP shares are trading 9.68% year to date (YTD), with the 12-month market performance up to 59.06% higher. It has a 12-month low price of $0.72 and touched a high of $4.46 over the same period. Currently, 1.04 million shares have been traded, compared to an average intraday trading volume of 1.73 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.56%, -15.39%, and 7.34% respectively.
Institutional ownership of MEI Pharma Inc. (NASDAQ: MEIP) shares accounts for 71.20% of the company’s 106.00M shares outstanding. Mutual fund holders own 43.15%, while other institutional holders and individual stakeholders account for 5.30% and 18.65% respectively.
It has a market capitalization of $281.74M and a beta (3y monthly) value of 1.84. The earnings-per-share (ttm) stands at -$0.30. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.42% over the week and 6.14% over the month.
Analysts forecast that MEI Pharma Inc. (MEIP) will achieve an EPS of $0.21 for the current quarter, -$0.11 for the next quarter and -$0.34 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.16 while analysts give the company a high EPS estimate of $0.82. Comparatively, EPS for the current quarter was -$0.15 a year ago. Earnings per share for the fiscal year are expected to increase by 75.60%, and -580.00% over the next financial year. EPS should shrink at an annualized rate of -0.10% over the next five years, compared to 29.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate MEI Pharma Inc. (MEIP) as a “Strong Buy” at a consensus score of 1.70. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 0 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MEIP, a number of firms have released research notes about the stock. SunTrust stated their Buy rating for the stock in a research note on May 29, 2020, with the firm’s price target at $16. H.C. Wainwright coverage for the MEI Pharma Inc. (MEIP) stock in a research note released on December 20, 2018 offered a Buy rating with a price target of $10. H.C. Wainwright was of a view on December 20, 2018 that the stock is Buy, while Stifel gave the stock Buy rating on July 27, 2018, issuing a price target of $2.50- $7. SunTrust on their part issued Buy rating on July 13, 2018.