MEI Pharma (MEIP) Hits $10 a Share: Can It Continue?

MEI Pharma, Inc. (MEIP) just hit a fresh high moving above the psychologically-important $10 per share level for the first time. This mark is very close to the 52 week high for MEI Pharma which has added more than 46% in the last 12 weeks, suggesting that decent momentum is present in MEIP.

But after this fresh 52 week high and the positive price momentum, investors have to be wondering if MEI Pharma can continue to push higher or if a pullback is overdue. One place to find the answer could be in the recent earnings estimate revision activity that is taking place in MEIP.

Recent Estimates

Despite the move higher in MEI Pharma’s stock price, we have seen pretty negative earnings estimate revisions as of late, which means that analysts are becoming more bearish about MEIP’s prospects. In fact, 3 estimates have gone lower in the past two months compared to just x higher, while the consensus estimate has moved in the wrong direction over the same time frame too.

We actually give MEIP a Zacks Rank #4 (Sell) based on this information and think that the move higher for this company might be a bit overdone. So while trading has certainly been good lately, estimates suggest that this run could soon enter a consolidation period and that a pullback may be ahead for this ‘sell’ ranked stock in the near term.

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MEI Pharma (MEIP) Hits $10 a Share: Can It Continue?
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