Mei Pharma Inc Up 1.54% To $4.63 After Earnings Miss

Mei Pharma Inc (MEIP) said after close Tuesday that it lost $1.66 per share in quarter two 2024.

On the revenue line, the company reported $0.00, missing estimates by $100 thousand.

In the same quarter a year ago, the company earned $1.4 per share on revenue of $32.7 million.

The stock is up 1.54% to $4.63 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Mei Pharma Inc a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 42. Meanwhile, the average Wall Street analyst rated the stock a Buy.

MEI Pharma Inc is focused on the clinical development of novel therapies for cancer. The company's clinical drug candidate includes Pracinostat, an orally available histone deacetylase inhibitor for the treatment of patients with acute myeloid leukemia and myelodysplastic syndrome. Its clinical development portfolio also includes Zandelisib, an oral inhibitor of phosphatidylinositide 3-kinase delta for the treatment of patients with recurrent chronic lymphocytic leukemia or follicular non-Hodgkin's lymphoma; and ME-344, an isoflavone-based mitochondrial inhibitor for the treatment of HER2-negative breast cancer and Pracinostat, an oral histone deacetylase inhibitor. Geographically, all the business activities function through the region of the United States.