MEI Pharma (NASDAQ:MEIP) Stock, Quote.Headers.trade-ideas

MEI Pharma

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.

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Why CrowdStrike Shares Are Trading Lower By Around 13%? Here Are Other Stocks Moving In Monday&#39;s Mid-Day Session

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INFI

Infinity Pharmaceuticals Inc (NASDAQ: INFI) announced further design features of its Phase 2 MARIO-8 study in Squamous Cell Cancer of the 

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Health Care

ABBV

MEI Pharma Inc (NASDAQ: MEIP) announced an update to the Phase 1 study of voruciclib, an orally administered cyclin-dependent kinase 9 inhibitor, in patients with relapsed and refractory (R/R) acute myeloid leukemia (AML) 

Clinical Triumph: MEI Pharma&#39;s Voruciclib Demonstrates Encouraging Activity in AML Patients

MEI Pharma Inc

Confirms Continuation of Evaluation of Strategic Alternatives
MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) (the "Company") today reported results for its fiscal year ended June 30, 2024.
Previously on July 22, 2024, the Company announced the commencement of an evaluation of strategic alternatives with the goal of maximizing the value of its assets for its stockholders. Subsequent to that date, the Company announced the engagement of Oppenheimer &amp; Co., Inc. to serve as the Company's exclusive financial adviser to assist in the review and evaluation of that process. As part of the review of strategic alternatives, the Company will consider options such as out-licensing opportunities for existing programs and merger and acquisition opportunities.
To best preserve the Company's existing cash, the Company commenced a reduction-in-force on August 1, 2024, which will continue in stages as the Company's operational and strategic direction evolves. Additionally, while the Company has discontinued the clinical development of voruciclib, certain non-clinical activities related to the Company's drug candidates continue to be conducted.
There can be no assurance the exploration of strategic alternatives will result in any agreements or transactions, or, if completed, any agreements or transactions will be successful or on attractive terms. The Company does not expect to disclose developments with respect to this process unless or until the evaluation of strategic alternatives has been completed or the Board of Directors has concluded disclosure is appropriate or legally required.
As of June 30, 2024, MEI had $38.3 million in cash, cash equivalents, and short-term investments with no outstanding debt.

Earnings

MEI Pharma Says As Of June 30, 2024, Have $38.3M In Cash, Cash Equivalents, And Short-Term Investments With No Outstanding Debt; Confirms Continuation Of Evaluation Of Strategic Alternatives

Laidlaw &amp; Co. analyst Yale Jen downgrades MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) from Buy to Hold.

Downgrades

Analyst Ratings

Laidlaw & Co. Downgrades MEI Pharma to Hold

Shares of CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) fell sharply during Monday&#8217;s session. Guggenheim analyst John Difucci downgraded the stock from Buy to Neutral, while BTIG analyst Gray Powell downgraded the stock from <a href="https://www.benzinga.com/news/24/07/39886199/crowdstrike-faces-downgrades-amid-concerns-over-pricing-and-renewals-following-disruption">Buy to Neutral</a>.
CrowdStrike shares dipped over 11% on Friday after the company suffered a major outage impacting businesses around the world.
Selective Insurance Group shares dipped 13.2% to $264.65 on Friday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>MIRA Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIRA#NASDAQ">MIRA</a>) shares climbed 148% to $1.98 after the company announced new preclinical study results for its novel oral ketamine analog, Ketamir-2.</li>
<li>CareMax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMAX#NASDAQ">CMAX</a>) gained 135% to $3.72.</li>
<li>Tellurian Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TELL#NASDAQ">TELL</a>) jumped 64.5% to $0.9401 after the company announced it will be acquired by Woodside Energy for approximately $900 million.</li>
<li>Serve Robotics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SERV#NASDAQ">SERV</a>) shares climbed 46.6% to $11.08 after Nvidia last week disclosed a stake in the company.</li>
<li>Cassava Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAVA#NASDAQ">SAVA</a>) rose 27.2% to $12.82 after the company announced its first Phase 3 trial is expected to conclude by December and its second Phase 3 trial is expected to conclude by June 2025.</li>
<li>MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) surged 24% to $3.55 after the company announced it is considering strategic alternatives.</li>
<li>Society Pass Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOPA#NASDAQ">SOPA</a>) rose 22.8% to $1.56.</li>
<li>LivePerson, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPSN#NASDAQ">LPSN</a>) gained 18.8% to $1.17.</li>
<li>Super League Enterprise, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLE#NASDAQ">SLE</a>) jumped 18.8% to $1.33. Super League Enterprise Director Jeff Patrick Gehl bought a total of 50,000 shares at an average price of $1.11.</li>
<li>Richtech Robotics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RR#NASDAQ">RR</a>) shares gained 18.2% to $1.74 after gaining around 228% on Friday.</li>
<li>Sonoma Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNOA#NASDAQ">SNOA</a>) gained 17% to $0.3602.</li>
<li>Alpha Teknova, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TKNO#NASDAQ">TKNO</a>) climbed 16.5% to $2.53.</li>
<li>Embecta Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EMBC#NASDAQ">EMBC</a>) gained 16.4% to $15.34. Embecta is scheduled to host a conference call to discuss its fiscal third quarter 2024 financial results on Friday, Aug. 9.</li>
<li>Netcapital Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCPL#NASDAQ">NCPL</a>) rose 16.2% to $0.1208 after jumping more than 12% on Friday. Netcapital, last week, announced the launch of the beta version of its secondary trading platform.</li>
<li>Nukkleus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUKK#NASDAQ">NUKK</a>) gained 14.7% to $0.3670.</li>
<li>Terex Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEX#NYSE">TEX</a>) climbed 11.2% to $62.76 after the company inked a deal to acquire Environmental Solutions Group (ESG) from Dover Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOV#NYSE">DOV</a>) in a $2.0 billion all-cash transaction.</li>
<li>Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) gained 10.5% to $7.88.</li>
<li>Aveanna Healthcare Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAH#NASDAQ">AVAH</a>) rose 10.5% to $3.80. Aveanna Healthcare will release its second quarter results before the market open on Thursday, Aug. 8.</li>
<li>Karooooo Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KARO#NASDAQ">KARO</a>) gained 10.4% to $37.78</li>
<li>Richtech Robotics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RR#NASDAQ">RR</a>) rose 10% to $1.6050 after the company installed its advanced robotic beverage system, ADAM, at Ghost Kitchens International Inc. in Dawsonville, Georgia.</li>
<li>Clearwater Paper Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLW#NYSE">CLW</a>) gained 9.6% to $53.65 after the company announced a deal to sell its tissue business for $1.06 billion.</li>
<li>SentinelOne, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) gained 9.5% to $23.80 after a failed software update from CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) caused global outages.</li>
<li>TuanChe Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TC#NASDAQ">TC</a>) shares gained 8.5% to $1.6599 after falling 6% on Friday.</li>
<li>TAL Education Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAL#NYSE">TAL</a>) rose 7.4% to $10.84. TAL Education will release its unaudited financial results for the first quarter, before the opening bell on Thursday, Aug. 1.</li>
<li>MINISO Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MNSO#NYSE">MNSO</a>) rose 5.6% to $18.10.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Linkage Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGCB#NASDAQ">LGCB</a>) shares dipped 29.1% to $3.6303.</li>
<li>Selina Hospitality PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLNA#NASDAQ">SLNA</a>) fell 20.7% to $0.0375.</li>
<li>TRxADE HEALTH, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEDS#NASDAQ">MEDS</a>) declined 20.3% to $11.75.</li>
<li>Hawaiian Electric Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>) shares fell 20.2% to $13.97. Hawaiian Electric Industries shares traded higher on Friday following a report suggesting the company reached a settlement plan over the Maui wildfires.</li>
<li>Nature Wood Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWGL#NASDAQ">NWGL</a>) dipped 20.2% to $1.98.</li>
<li>Dogness (International) Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOGZ#NASDAQ">DOGZ</a>) declined 18.3% to $12.17.</li>
<li>Agape ATP Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATPC#NASDAQ">ATPC</a>) declined 16.8% to $0.1330.</li>
<li>Ryanair Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RYAAY#NASDAQ">RYAAY</a>) shares fell 16.6% to $95.25 after the company said profits dipped 46% to 360 million euros (£303 million) for the three months to June 30.</li>
<li>PS International Group Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSIG#NASDAQ">PSIG</a>) fell 16.4% to $2.85.</li>
<li>Portage Biotech Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRTG#NASDAQ">PRTG</a>) shares fell 16.2% to $0.1912 after gaining around 25% on Friday.</li>
<li>Salarius Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLRX#NASDAQ">SLRX</a>) shares dipped 16.1% to $1.53 after falling around 25% on Friday. Salarius Pharmaceuticals was recently notified by MD Anderson Cancer Center of a Grade 4 adverse event in the Seclidemstat clinical trial.</li>
<li>Exicure, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XCUR#NASDAQ">XCUR</a>) shares fell 16.1% to $0.4490 after surging 76% on Friday.</li>
<li>Savers Value Village, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SVV#NYSE">SVV</a>) declined 12.6% to $10.19 after JP Morgan downgraded the stock from Overweight to Neutral and lowered its price target from $21 to $12.</li>
<li>Fitell Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTEL#NASDAQ">FTEL</a>) fell 11.1% to $19.68.</li>
<li>Applied Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) dipped 9.1% to $5.20.</li>
<li>Valens Semiconductor Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLN#NYSE">VLN</a>) fell 8.6% to $2.64. Valens Semiconductor will release its second quarter 2024 financial results before the opening bell on Wednesday, Aug. 7.</li>
<li>Virios Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIRI#NASDAQ">VIRI</a>) fell 8.2% to $0.2311 after declining over 4% on Friday.</li>
<li>NuScale Power Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>) declined 6.7% to $10.54.</li>
<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) declined 6.4% to $38.94 following a second-quarter revenue miss.</li>
<li>e.l.f. Beauty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>) fell 5.3% to $168.18.</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39881674/top-4-tech-stocks-that-may-explode-in-july">Top 4 Tech Stocks That May Explode In July</a></li>
</ul>

Why CrowdStrike Shares Are Trading Lower By Around 13%? Here Are Other Stocks Moving In Monday's Mid-Day Session

WIIM

MEI Pharma shares are trading higher after the company announced it is considering strategic alternatives.

Company Commences a Cash Preservation Plan Including a Reduction in Force
MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) (the "Company") today announced that its Board of Directors has determined unanimously to begin evaluation of the Company's strategic alternatives, including potential transactions as well as an orderly wind down of the Company, if appropriate, in order to maximize the value of its assets for its stockholders. The Company intends to evaluate and engage a financial advisor to assist in this process.
In order to best preserve the Company's existing cash, the Company will commence a reduction-in-force beginning as soon as practicable and continuing in stages as the Company's operational and strategic direction evolves. The Company intends to promptly discontinue the clinical development of voruciclib, while certain non-clinical activities related to MEI's drug candidate assets will continue to be conducted by the Company.

MEI Pharma To Consider Strategic Alternatives; Will Commence A Reduction-In-Force Beginning As Soon As Practicable And Continuing In Stages As The Co's Operational And Strategic Direction Evolves; Intends To Promptly Discontinue The Clinical Development Of Voruciclib

<h3>Gainers</h3>
<ul>
<li>Scorpius Holdings (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/SCPX#AMEX">SCPX</a>) shares rose 20.9% to $0.12 during Thursday's after-market session. The market value of their outstanding shares is at $4.3 million. </li>
<li>Kintara Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTRA#NASDAQ">KTRA</a>) stock increased by 19.22% to $0.17. The company's market cap stands at $6.7 million. The company's, Q3 earnings came out 2 days ago. </li>
<li>Doximity (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOCS#NYSE">DOCS</a>) stock rose 11.4% to $26.45. The market value of their outstanding shares is at $4.9 billion. As per the news, the Q4 earnings report came out today. </li>
<li>MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) stock increased by 10.92% to $3.25. The company's market cap stands at $21.6 million. </li>
<li>Akso Health Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AHG#NASDAQ">AHG</a>) stock increased by 9.36% to $0.69. The company's market cap stands at $101.0 million. </li>
<li>Onconetix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONCO#NASDAQ">ONCO</a>) shares increased by 7.73% to $0.15. The company's market cap stands at $3.3 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>TFF Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TFFP#NASDAQ">TFFP</a>) stock decreased by 11.5% to $2.0 during Thursday's after-market session. The company's market cap stands at $6.1 million. The company's, Q1 earnings came out 2 days ago. </li>
<li>OptiNose (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPTN#NASDAQ">OPTN</a>) stock decreased by 9.24% to $1.18. The market value of their outstanding shares is at $133.3 million. The company's, Q1 earnings came out 2 days ago. </li>
<li>Turnstone Biologics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSBX#NASDAQ">TSBX</a>) stock fell 6.23% to $2.56. The market value of their outstanding shares is at $59.2 million. The company's, Q1 earnings came out 3 days ago. </li>
<li>Intelligent Bio Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INBS#NASDAQ">INBS</a>) stock decreased by 5.54% to $2.22. The company's market cap stands at $6.9 million. </li>
<li>Lucy Scientific Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSDI#NASDAQ">LSDI</a>) shares fell 5.04% to $1.51. The company's market cap stands at $2.6 million. </li>
<li>BioSig Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BSGM#NASDAQ">BSGM</a>) shares fell 4.97% to $1.53. The market value of their outstanding shares is at $18.3 million. 
See Also: <a href="http://www.benzinga.com/money/best-healthcare-stocks/" title="www.benzinga.com/money/best-healthcare-stocks/">www.benzinga.com/money/best-healthcare-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

BSGM

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12 Health Care Stocks Moving In Thursday's After-Market Session

MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) reported quarterly losses of $(1.37) per share which beat the analyst consensus estimate of $(1.52) by 9.87 percent. The company reported quarterly sales of $5.890 million which beat the analyst consensus estimate of $37.500 thousand by 15.61K percent. This is a 0.07 percent decrease over sales of $5.894 million the same period last year.

Earnings Beats

MEI Pharma Q3 2024 Adj EPS $(1.37) Beats $(1.52) Estimate, Sales $5.890M Beat $37.500K Estimate

Stifel analyst Stephen Willey maintains MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) with a Hold and maintains $7 price target.

Price Target

Stifel Maintains Hold on MEI Pharma, Maintains $7 Price Target

– MEI Pharma Board Unanimously Determines, Based on Clinical Data Results, Not to Proceed with Second Capital Return Under 2023 Anson and Cable Car Cooperation Agreement: Conserving Capital, Prioritizing Measured Investment, Extending Operational Runway –
MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>), a clinical-stage pharmaceutical company evaluating novel drug candidates to address known resistance mechanisms to standard-of-care cancer therapies, today reported that the Company's Board of Directors unanimously agreed on a strategic plan to leverage recent positive voruciclib and ME-344 clinical data to prioritize clinical development of voruciclib while enabling development of a new ME-344 formulation for Phase 1 study. Additionally, the Company's Board of Directors unanimously determined not to proceed with a second return of capital under the October 31, 2023 Anson Funds and Cable Car Capital cooperation agreement in order to conserve resources and align strategic investment, and thereby extend the Company's operational runway.
"We are very fortunate as a development-stage therapeutics company to have two very promising oncology candidates, voruciclib and ME-344, that continue to generate data supporting their potential as novel therapeutics to benefit patients with cancer. With the MEI Board aligned around our strategy, we have a productive framework to advance both clinical programs in a manner intended to address significant medical needs while prioritizing a measured and objective-based allocation of our resources," said David Urso, president and chief executive officer of MEI Pharma. "Voruciclib, our investigational oral CDK9 inhibitor, in combination with venetoclax is being developed to treat patients with relapsed/refractory AML without an actionable mutation, representing a potential opportunity to address more patients in a mutation agnostic approach than mutation specific therapies such as FLT3, IDH or menin inhibitors. In addition, investigational ME-344 has the potential to treat patients across many types of solid tumors through a novel therapeutic strategy in combination with VEGF inhibitors, such as Avastin&#xAE;, to create synthetic lethality in tumor cells."
"The entire MEI Board is pleased to unanimously align around a strategy that we believe is in the best interests of the Company's shareholders, with the intent to optimize the opportunity to judiciously advance both of the voruciclib and ME-344 development programs," stated Taheer Datoo, director of MEI Pharma and principal and portfolio manager of Anson Funds. "Under the strategy, use of capital is measured and balanced to achieve key clinical objectives designed to optimize the development potential these product candidates hold to advance the standard of care for patients with cancer while also optimizing the interests of our shareholders."
Mr. Datoo continued: "As we move forward, we have every confidence that execution of the strategy is in good hands with the MEI leadership team. They have significant experience in the clinical development of oncology therapeutics and are well suited to achieve success for patients and for the Company's shareholders."
Return of Capital Determination
As previously disclosed, the Company's October 31, 2023 Cooperation Agreement with stockholders, including Anson Funds and Cable Car Capital, provided that a potential second return of capital could be authorized by the Board under certain circumstances as outlined in that agreement, subject to the exercise of the Board's fiduciary duties. Since data reported from Cohort 1 of the Phase 1b study exceeded a criterion for the potential second return of capital stated in the Agreement, the trigger for a return of capital was not met. The Board further unanimously determined, after deciding not to proceed with Cohort 2, that in the exercise of its fiduciary duties under applicable law, and in light of its views on what path is in the best interests of the Company's stockholders, the Company would not proceed with any additional potential return of capital as permitted under the Cooperation Agreement.
Strategic Overview
The strategy unanimously approved by the MEI Board of Directors provides for advancing clinical development of voruciclib, an investigational selective oral cyclin-dependent kinase 9 ("CDK9") inhibitor, to new value inflection points by the end of calendar year 2025 and for enabling a new formulation of ME-344, an investigational inhibitor of mitochondrial oxidative phosphorylation ("OXPHOS"). The plan builds on encouraging recently reported voruciclib clinical data and ME-344 data separately reported today.
Specifically with respect to voruciclib, the development objective is to optimize voruciclib for a Phase 3 study in combination with venetoclax (Venclexta&#xAE;) in patients with relapsed and refractory ("R/R") acute myeloid leukemia ("AML"). Under the plan, the ongoing voruciclib development strategy will be guided by future clinical trial results and applicable regulatory authority advice. Subject to positive Phase 1 data later this year, MEI plans to amend the ongoing Phase 1 study to add a Phase 2 study arm, with enrollment in the Phase 2 arm anticipated to begin in 2025. This is anticipated to generate Phase 2 data by the end of 2025. Contingent on the success of the Phase 1/2 study, MEI plans to have the program ready to initiate a Phase 3 registration trial during 2026.
With regards to ME-344, the plan is to develop a new formulation for further clinical development to better leverage the opportunity to advance a novel approach to inducing synthetic lethality in tumors in combination with VEGF inhibitors such as bevacizumab (Avastin&#xAE;). The Company has already initiated research and development activity of the new formulation with encouraging results, with the goal of increasing biological activity, improving convenience of administration and increasing commercial opportunity. Interrupting ME-344 clinical activity and developing a new formulation will immediately reduce ME-344 expenditures.
Voruciclib
The Company recently reported initiation of enrollment in an expansion cohort of the ongoing Phase 1 study evaluating voruciclib plus venetoclax (Venclexta&#xAE;), a B-cell lymphoma 2 ("BCL2") inhibitor, in R/R AML. The decision to open the expansion cohort was based on encouraging initial data demonstrating anti-leukemic activity, including complete responses in heavily pretreated patients. Additionally, at doses of 100 mg or more, initial results from correlative biomarker assay analyses of available samples from patients treated with the combination demonstrated anticipated decreases of myeloid leukemia cell differentiation protein ("Mcl-1"), including a greater decrease in Mcl-1 at higher doses. Reductions in Mcl-1 are consistent with the known mechanism of action of CDK9. Further, there was no evidence of overlapping toxicity with venetoclax and no dose limiting toxicities were observed.
Increasingly, venetoclax is being used as a standard treatment in patients with AML, but salvage therapy after venetoclax failure is common and yields limited benefit; only about 10% of patients respond to salvage therapy after venetoclax failure, representing a significant need for patients with AML. While mutation specific therapies, such as FLT3, IDH, and menin inhibitors, may be used in patients with such mutations, the majority of patients with AML do not have therapeutically actionable mutations. Thus, inhibition of CDK9 is a mutation agnostic therapeutic opportunity across the majority of patients with R/R AML, representing an addressable patient population larger than that of any mutation specific therapy.
ME-344
As separately reported today, based on initial study results, 25% of evaluable patients with relapsed metastatic colorectal cancer ("mCRC") enrolled in Cohort 1 of the ongoing Phase 1b study evaluating ME-344 in combination with bevacizumab (Avastin&#xAE;) reached a predetermined 16-week progression free survival ("PFS") threshold, exceeding the 20% threshold set in the Clinical Study Protocol. Patients were heavily pretreated and had failed standard therapies for their disease. The combination was also observed to have a generally well-tolerated safety profile.
The recently reported data represent new clinical support of the potential of ME-344 in combination with VEGF inhibitors such as bevacizumab to induce synthetic lethality in tumors; this is a novel therapeutic strategy to potentially provide benefit to patients in a well-tolerated manner. Further, there is a significant medical need to provide patients with colorectal cancer new treatment options in light of the fact that deaths from this disease are a leading cause of cancer-related deaths in the U.S. and given that the incidence of colorectal cancer is increasing among those under 55.
While the threshold was met to proceed to Cohort 2, the Company believes the best approach to meet the need of patients with mCRC, and potentially patients with other cancers where VEGF inhibitors are standard-of-care, is to continue to advance ME-344 via development of a new formulation, building upon the ME-344 results to date. The Company believes that development of a new formulation represents the optimal approach to leveraging the potential of the program and the novel therapeutic strategy to induce synthetic lethality in tumors via the combination. The goal of the formulation effort is to increase biological activity, improve patient convenience of administration and increase commercial opportunity. This plan will reduce short-term expenditures on the ME-344 program and ultimately, if successful, create an enhanced formulation for continued clinical development

Guidance

MEI Pharma Aligns On Strategy To Advance Voruciclib And ME-344

– Cohort 1 Exceeds Predetermined Non-Progression Threshold in the Ongoing Phase 1b Study –
– ME-344 in Combination with Bevacizumab was Generally Well-tolerated with no Evidence of Overlapping Toxicity –
– MEI to Continue Advancing ME-344 via Development of a New Formulation with the Potential to Increase Biological Activity, Patient Convenience and Commercial Opportunity –
MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>), a clinical-stage pharmaceutical company evaluating novel drug candidates to address known resistance mechanisms to standard-of-care cancer therapies, today reported that 25% of evaluable patients with relapsed metastatic colorectal cancer ("mCRC") in Cohort 1 of the ongoing Phase 1b study evaluating ME-344, an investigational inhibitor of mitochondrial oxidative phosphorylation ("OXPHOS"), in combination with bevacizumab (Avastin&#xAE;) had no disease progression at Week 16. This landmark analysis exceeded the 20% threshold set in the Clinical Study Protocol to add an additional 20 patients to the study via the initiation of Cohort 2. The combination was also observed to be generally well-tolerated to date. While the threshold was met to proceed to Cohort 2, it was separately reported today that following a strategic review, the Company decided to continue to advance ME-344 development via its ongoing development of a new formulation rather than through the addition of a new cohort. The Company believes this represents the optimal approach to leveraging the potential of the program. The Company has already initiated research and development activity of the new formulation with encouraging results, with the goal of increasing biological activity, improving convenience of administration and increasing commercial opportunity.
"The data reported today, including progression-free survival, overall survival, and safety results of the combination, represent an important development supporting the potential of ME-344 in combination with Avastin to induce synthetic lethality in tumors using a completely novel therapeutic strategy," said Richard Ghalie, chief medical officer of MEI Pharma. "The development of a new formulation with enhanced biologic activity is aimed at further improving patient outcomes and treatment convenience in a well-tolerated manner."
"At MEI we are committed to our mission of developing novel drug candidates to address known resistance mechanisms to standard-of-care cancer therapies, and ME-344 holds significant potential as a novel therapeutic strategy to advance this mission," said David Urso, president and chief executive officer of MEI Pharma. "We believe that the best approach to optimize the potential of ME-344 for patients, prioritize resource utilization, and build value for shareholders, is to continue advancing the program via development of a new formulation of ME-344. In the short term, this plan will reduce expenditures on the ME-344 program and ultimately, if successful, create an improved formulation for continued clinical development."

MEI Pharma Reports Initial Data From Clinical Study Evaluating ME-344 In Combination With Bevacizumab In Relapsed Metastatic Colorectal Cancer Patients

MEI Pharma Announces Enrollment Initiated In 12-Patient Expansion Cohort Evaluating Voruciclib Plus Venetoclax In Ongoing Phase 1 Study; Says Anti-leukemic Activity Across Multiple Heavily Pretreated Patients Demonstrated Along With Anticipated Decreases In Mcl-1

<h3>What is a Value Stock?</h3>
A value stock is traditionally defined in terms of how investors in the marketplace are valuing that company's future growth prospects. Low P/E multiples are good base indicators that the company is undervalued and can most likely be labelled as a value stock. 
<h2>The following stocks are considered to be notable value stocks in the healthcare sector:</h2>
<ol>
<li>Spok Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPOK#NASDAQ">SPOK</a>) - P/E: 8.96</li>
<li>MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) - P/E: 1.53</li>
<li>Roivant Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROIV#NASDAQ">ROIV</a>) - P/E: 2.17</li>
<li>Agile Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGRX#NASDAQ">AGRX</a>) - P/E: 0.17</li>
<li>Exicure (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XCUR#NASDAQ">XCUR</a>) - P/E: 0.34</li>
</ol>
Most recently, Spok Holdings reported earnings per share at $0.22, whereas in Q2 earnings per share sat at $0.23. The company's most recent dividend yield sits at 8.6%, which has decreased by 2.22% from 10.82% last quarter. 
MEI Pharma's earnings per share for Q2 sits at $-1.66, whereas in Q1, they were at 8.46. Roivant Sciences saw an increase in earnings per share from -0.4 in Q2 to $-0.21 now. Agile Therapeutics saw an increase in earnings per share from -3.1 in Q2 to $-1.47 now. This quarter, Exicure experienced an increase in earnings per share, which was $-0.7 in Q1 and is now $-0.68. 
The Significance: A value stock may need some time to rebound from its undervalued position. The risk of investing in a value stock is that this emergence may never materialize.

AGRX

ROIV

SPOK

5 Value Stocks In The Healthcare Sector

MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) reported quarterly losses of $(1.66) per share which missed the analyst consensus estimate of $(1.32) by 25.76 percent.

Earnings Misses

MEI Pharma Q2 2024 GAAP EPS $(1.66) Misses $(1.32) Estimate

<a href="https://image-ppubs.uspto.gov/dirsearch-public/print/downloadPdf/20240016781" title="https://image-ppubs.uspto.gov/dirsearch-public/print/downloadPdf/20240016781">https://image-ppubs.uspto.gov/dirsearch-public/print/downloadPdf/20240016781</a>

MEI Pharma Filed U.S. Patent Application #20240016781: Treatment Of KRAS Mutant Cancers

<h3>What is a Value Stock?</h3>
A value stock is traditionally defined in terms of how investors in the marketplace are valuing that company's future growth prospects. Low P/E multiples are good base indicators that the company is undervalued and can most likely be labelled as a value stock. 
<h2>Benzinga Insights has compiled a list of value stocks in the healthcare sector that may be worth watching:</h2>
<ol>
<li>Exicure (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XCUR#NASDAQ">XCUR</a>) - P/E: 0.33</li>
<li>Voyager Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VYGR#NASDAQ">VYGR</a>) - P/E: 7.63</li>
<li>MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) - P/E: 0.96</li>
<li>SCYNEXIS (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCYX#NASDAQ">SCYX</a>) - P/E: 1.27</li>
<li>Community Health Sys (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CYH#NYSE">CYH</a>) - P/E: 1.85</li>
</ol>
Exicure saw an increase in earnings per share from -0.7 in Q1 to $-0.68 now. Voyager Therapeutics saw a decrease in earnings per share from -0.51 in Q2 to $-0.59 now. MEI Pharma's earnings per share for Q1 sits at $8.46, whereas in Q4, they were at -1.51. Most recently, SCYNEXIS reported earnings per share at $-0.04, whereas in Q2 earnings per share sat at $2.46. Most recently, Community Health Sys reported earnings per share at $-0.33, whereas in Q2 earnings per share sat at $-0.22. 
The Significance: A value stock may need some time to rebound from its undervalued position. The risk of investing in a value stock is that this emergence may never materialize.

SCYX

VYGR

A Look Into Healthcare Sector Value Stocks

– Safety Profile Observed to Date as Monotherapy and in Combination with Venetoclax Suggests no Overlapping Toxicity –
– Initial Results from Correlative Studies Demonstrate On-target Reductions in Mcl-1 and RNA Pol II p-S2 –
MEI Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>), a clinical-stage pharmaceutical company evaluating novel drug candidates to address known resistance mechanisms to standard-of-care cancer therapies, today announced clinical data from the monotherapy dose escalation stage of the ongoing Phase 1 study evaluating voruciclib, a selective oral cyclin-dependent kinase 9 ("CDK9") inhibitor, alone and in combination with venetoclax (Venclexta&#xAE;), a B-cell lymphoma 2 ("BCL2") inhibitor, in patients with acute myeloid leukemia ("AML") or B-cell malignancies, is highlighted in a poster session at the 65th American Society of Hematology (ASH) Annual Meeting and Exposition.
The poster can be viewed on the MEI Pharma website here: <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fmeipharma.com%2Fash2023.html&amp;esheet=53868565&amp;newsitemid=20231211089962&amp;lan=en-US&amp;anchor=https%3A%2F%2Fmeipharma.com%2Fash2023.html&amp;index=1&amp;md5=b4fcbaaba02504a9a1b6cc946fb6d557">https://meipharma.com/ash2023.html</a>.
"The potential to use an oral CDK9 inhibitor such as voruciclib to reduce Mcl-1 protein, an established resistance factor for the BCL-2 inhibitor venetoclax, is a promising approach to improve therapeutic options for patients with hematologic malignancies," said Matthew S. Davids, MD, MMSc., Director, Clinical Research, Division of Lymphoma, Dana-Farber Cancer Institute, and study chair of the monotherapy stage of the Phase 1 study. "The data reported today, along with the experience with voruciclib in combination with venetoclax to date, provides encouraging support for the approach of this combination to address a common resistance mechanism to venetoclax therapy and improve clinical response without overlapping toxicity."
"I'd like to recognize the support and high level of engagement by our investigators, and the participation of the patients enrolling in this study, as we advance the evaluation of voruciclib in combination with venetoclax in patients with AML," said David M. Urso, president and chief executive officer of MEI Pharma. "We look forward to disclosing additional data in early 2024 from the dose escalation portion of the ongoing Phase 1 clinical trial evaluating voruciclib in combination with venetoclax in patients with AML."
Clinical Data from the Monotherapy Dose Escalation Stage of the Ongoing Phase 1 Study Evaluating Voruciclib in Combination with Venetoclax
<ul>
<li>Presentation Title: A Phase 1 Study of the Oral CDK9 Inhibitor Voruciclib in Relapsed/Refractory (R/R) B-Cell Lymphoma (NHL) or Acute Myeloid Leukemia (AML)</li>
<li>Session Title: Acute Myeloid Leukemias: Investigational Therapies, Excluding Transplantation and Cellular Immunotherapies: Poster III (616)</li>
<li>Presenter: Matthew S. Davids, MD, MMSc., Associate Professor, Harvard Medical School, Director, Clinical Research, Division of Lymphoma, Dana-Farber Cancer Institute</li>
<li>Date: Monday, December 11, 2023, 6:00-8:00 PM (Pacific Time)</li>
<li>Publication Number: 4286</li>
</ul>
Phase 1 Study Details
The Phase 1 study is a two stage, open-label, 3+3 dose escalation and expansion study evaluating voruciclib, a CDK9 inhibitor, as a monotherapy and in combination with venetoclax (marketed as Venclexta&#xAE;), a BCL2 inhibitor. The first stage of the study, evaluating the dose and schedule of voruciclib as a single-agent in patients with relapsed and refractory ("R/R") acute myeloid leukemia ("AML") or B-cell malignances after failure of standard therapies, is complete. The second stage of the study is ongoing and is evaluating voruciclib in combination with venetoclax in patients with R/R AML.
A total of 40 patients, median age 75 years (range 63-80), were enrolled in the first stage of the study evaluating voruciclib as a monotherapy. The majority of patients (n=21) had AML and the remaining patients (n=19) had B-cell malignancies. Enrolled patients were generally heavily pretreated; the median number of prior therapies was 3 (range 1-9) and 5 patients had prior hematopoietic stem cell transplant.
Patients enrolled in Cohort 1 (n= 16) of the monotherapy stage of the study were administered voruciclib once daily continuously at doses of 50 mg and 100 mg. Patients enrolled in Cohort 2 (n=24) were administered voruciclib on an intermittent schedule (IS) on days 1-14 in a 28-day cycle implemented after 2 dose limiting toxicities (DLT) were observed at 100 mg daily continuously. Dose escalation in Cohort 2 was stopped at 200 mg before reaching the maximum tolerated dose (MTD) at this schedule to focus on evaluation of venetoclax in combination with voruciclib.
The primary objectives of the study are to determine the safety and biologic effective dose of voruciclib monotherapy or voruciclib in combination with venetoclax. Secondary objectives of the study include assessing the preliminary efficacy, pharmacokinetics, pharmacodynamics, and biomarkers of voruciclib monotherapy or voruciclib in combination with venetoclax.
Monotherapy Safety and Tolerability
Voruciclib at doses up to 200 mg administered on 14 consecutive days in a 28-day cycle (Cohort 2) was well tolerated with no DLT reported. The most common adverse events (≥20% of patients) were diarrhea, nausea, anemia and fatigue. The large majority of adverse events were Grade 1-2; of note, the only Grade 3-4 adverse events in Cohort 2 were diarrhea (n=1) and anemia (n=5).
Pharmacokinetics were dose proportional and mean half-life of approximately 24 hours supports once daily dosing.
Monotherapy Efficacy
In the 21 patients enrolled with AML, 1 patient at 100 mg achieved a morphologic leukemia-free state and 9 patients had disease stabilization, which lasted at least 3 months in 2 patients. In the 19 patients enrolled with B-cell malignancies, 4 patients had stable disease with a decrease in tumor size.
Initial results from correlative studies assessing myeloid leukemia cell differentiation protein ("Mcl-1") and RNA Pol II phosphorylation on Ser2 ("RNA Pol II p-S2") demonstrated reduction in expression consistent with the anticipated on-target pharmacodynamic effect of voruciclib on Mcl-1 and RNA Pol II p-S2 (Figures A and B, respectively, below).
Voruciclib Plus Venetoclax Combination: Initial Data
Voruciclib at doses up to 200 mg on the intermittent schedule have been administered in combination with venetoclax in patients with relapsed or refractory AML. Dose escalation is continuing.
No DLTs have been reported and no evidence of overlapping toxicity has been observed to date. Anti-tumor activity has been demonstrated by objective responses and reductions in transfusions, with multiple patients continuing on therapy for ≥ 4 months.
About Voruciclib
Voruciclib is an orally administered cyclin-dependent kinase 9 ("CDK9") inhibitor with potential to treat both hematological malignancies and solid tumors. It is in clinical development for acute myeloid leukemia and B-cell malignancies. Applications in solid tumors are also being considered.
The CDK family of proteins are important cell cycle regulators responsible for the control of cell proliferation, differentiation, apoptosis, and DNA repair. CDK9, one of several members of the CDK family of proteins, functions as a gene transcription controller and is also involved in regulating protein degradation. Specifically, CDK9 is a promising target to treat a range of cancers because of its role in controlling two other proteins often dysregulated in cancerous cells: Mcl-1 and the MYC proto-oncogene protein ("MYC")
Mcl-1 is a member of the family of anti-apoptotic proteins which, when elevated, may prevent the cell from undergoing cell death. Inhibition of CDK9 blocks the production of Mcl-1, which is an established resistance mechanism to the B-cell lymphoma 2 ("BCL2") inhibitor venetoclax (marketed as Venclexta&#xAE;).
MYC regulates cell proliferation and growth. Upregulation of MYC is implicated in many human cancers and is frequently associated with poor prognosis and unfavorable patient survival. CDK9, in addition to being a transcription factor for MYC, also decreases phosphorylation of MYC protein that is implicated in stabilizing MYC in KRAS mutant cancers. Targeting MYC directly has historically been difficult, but CDK9 is a promising approach to target this oncogene.

Events

MEI Pharma Reports Clinical Data On Oral CDK9 Inhibitor Voruciclib At ASH2023

<h3>Gainers</h3>
<ul>
<li>LumiraDx (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LMDX#NASDAQ">LMDX</a>) shares rose 42.8% to $0.14 during Thursday's regular session. LumiraDx's stock is trading at a volume of 62.6 million shares as of 12:30 EST. This is 685.7% of its average full-day volume over the last 100 days. The company's market cap stands at $45.0 million. </li>
<li>Bone Biologics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BBLG#NASDAQ">BBLG</a>) stock rose 26.55% to $0.69. Bone Biologics's stock is trading at a volume of 39.5 million shares as of 12:30 EST. This is 11857.4% of its average full-day volume over the last 100 days. The company's market cap stands at $2.1 million. As per the news, the Q3 earnings report came out 2 days ago. </li>
<li>Impel Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMPL#NASDAQ">IMPL</a>) shares moved upwards by 25.04% to $0.35. As of 12:30 EST, this security is trading at a volume of 10.5 million shares, making up 1154.2% of its average full-day volume over the last 100 days. The company's market cap stands at $8.3 million. </li>
<li>Iterum Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ITRM#NASDAQ">ITRM</a>) stock moved upwards by 23.42% to $1.08. As of 12:30 EST, Iterum Therapeutics's stock is trading at a volume of 527.7K, which is 1579.5% of its average full-day volume over the last 100 days. The market value of their outstanding shares is at $14.0 million. As per the press release, Q3 earnings came out 2 days ago. </li>
<li>Apyx Medical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APYX#NASDAQ">APYX</a>) shares rose 20.13% to $1.79. Apyx Medical's stock is trading at a volume of 323.0K shares as of 12:30 EST. This is 235.7% of its average full-day volume over the last 100 days. The market value of their outstanding shares is at $62.0 million. </li>
<li>Dermata Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRMA#NASDAQ">DRMA</a>) shares moved upwards by 18.11% to $0.77. Dermata Therapeutics's stock is trading at a volume of 7.7 million shares as of 12:30 EST. This is 6271.2% of its average full-day volume over the last 100 days. The company's market cap stands at $2.4 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Homology Medicines (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIXX#NASDAQ">FIXX</a>) stock decreased by 39.9% to $0.53 during Thursday's regular session. As of 12:30 EST, Homology Medicines's stock is trading at a volume of 5.7 million, which is 3300.5% of its average full-day volume over the last 100 days. The market value of their outstanding shares is at $30.5 million. As per the news, the Q3 earnings report came out 2 days ago. </li>
<li>MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) shares decreased by 23.57% to $5.99. MEI Pharma's stock is trading at a volume of 141.1K shares as of 12:30 EST. This is 299.8% of its average full-day volume over the last 100 days. The company's market cap stands at $39.9 million. </li>
<li>Augmedix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUGX#NASDAQ">AUGX</a>) shares fell 20.45% to $4.32. The current volume of 2.5 million shares is 1128.7% of Augmedix's average full-day volume over the last 100 days (last updated at 12:30 EST). The company's market cap stands at $176.2 million. </li>
<li>SAB Biotherapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SABS#NASDAQ">SABS</a>) shares decreased by 16.81% to $0.76. The current volume of 140.6K shares is 286.7% of SAB Biotherapeutics's average full-day volume over the last 100 days (last updated at 12:30 EST). The company's market cap stands at $39.6 million. The company's, Q3 earnings came out 3 days ago. </li>
<li>PaxMedica (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PXMD#NASDAQ">PXMD</a>) shares decreased by 15.3% to $2.05. PaxMedica's stock is trading at a volume of 494.0K shares as of 12:30 EST. This is 49.6% of its average full-day volume over the last 100 days. The market value of their outstanding shares is at $2.2 million. </li>
<li>Syra Health (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYRA#NASDAQ">SYRA</a>) shares decreased by 15.07% to $1.24. The market value of their outstanding shares is at $1.0 million. The company's, Q3 earnings came out 2 days ago. 
See Also: <a href="http://www.benzinga.com/money/best-healthcare-stocks/" title="www.benzinga.com/money/best-healthcare-stocks/">www.benzinga.com/money/best-healthcare-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

APYX

AUGX

BBLG

DRMA

FIXX

IMPL

ITRM

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12 Health Care Stocks Moving In Thursday's Intraday Session

<h3>Gainers</h3>
<ul>
<li>Bone Biologics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BBLG#NASDAQ">BBLG</a>) stock increased by 64.3% to $0.89 during Thursday's pre-market session. The market value of their outstanding shares is at $2.7 million. The company's, Q3 earnings came out 2 days ago. </li>
<li>InVivo Therapeutics Hldg (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVIV#NASDAQ">NVIV</a>) stock rose 24.66% to $0.75. The market value of their outstanding shares is at $2.3 million. </li>
<li>Heart Test Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSCS#NASDAQ">HSCS</a>) shares increased by 14.33% to $0.17. The market value of their outstanding shares is at $1.8 million. </li>
<li>BioVie (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIVI#NASDAQ">BIVI</a>) stock moved upwards by 13.33% to $3.57. The market value of their outstanding shares is at $134.7 million. </li>
<li>Soligenix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNGX#NASDAQ">SNGX</a>) shares moved upwards by 12.24% to $0.49. The market value of their outstanding shares is at $4.8 million. As per the news, the Q3 earnings report came out 3 days ago. </li>
<li>T2 Biosystems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTOO#NASDAQ">TTOO</a>) stock rose 10.85% to $4.8. The company's market cap stands at $16.0 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Augmedix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUGX#NASDAQ">AUGX</a>) shares decreased by 24.5% to $4.1 during Thursday's pre-market session. The market value of their outstanding shares is at $167.2 million. </li>
<li>MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) stock declined by 13.91% to $6.75. The company's market cap stands at $44.9 million. </li>
<li>Voyager Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VYGR#NASDAQ">VYGR</a>) stock declined by 10.85% to $6.0. The company's market cap stands at $263.9 million. </li>
<li>Impel Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMPL#NASDAQ">IMPL</a>) shares declined by 10.69% to $0.25. The market value of their outstanding shares is at $5.9 million. </li>
<li>Streamline Health Solns (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STRM#NASDAQ">STRM</a>) shares decreased by 10.57% to $0.31. The company's market cap stands at $18.0 million. </li>
<li>Monopar Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNPR#NASDAQ">MNPR</a>) stock declined by 10.45% to $0.3. The company's market cap stands at $4.4 million. 
See Also: <a href="http://www.benzinga.com/money/best-healthcare-stocks/" title="www.benzinga.com/money/best-healthcare-stocks/">www.benzinga.com/money/best-healthcare-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

BIVI

HSCS

MNPR

NVIV

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STRM

TTOO

12 Health Care Stocks Moving In Thursday's Pre-Market Session

MEI Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEIP#NASDAQ">MEIP</a>) reported quarterly earnings of $8.46 per share which beat the analyst consensus estimate of $(2.12) by 499.06 percent. This is a 425.38 percent increase over losses of $(2.60) per share from the same period last year. The company reported $65.30 million in sales this quarter. This is a 647.96 percent increase over sales of $8.73 million the same period last year.

CORRECTION: MEI Pharma Q1 EPS $8.46 Beats $(2.12) Estimate, Sales $65.30M Up From $8.73M YoY

MEI Pharma (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meip#NASDAQ">MEIP</a>) reported quarterly earnings of $8.46 per share which beat the analyst consensus estimate of $(2.12) by 499.06 percent. This is a 425.38 percent increase over losses of $(2.60) per share from the same period last year. The company reported $65.30 million in sales this quarter. This is a 647.96 percent increase over sales of $8.73 million the same period last year.

MEI Pharma Q1 EPS $8.46 Beats $(2.12) Estimate, Sales $65.30M Up From $8.73M YoY

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Every investment category must answer the big question, why? For undervalued <a href="https://investorplace.com/industries/healthcare/biotech/">biotech stocks</a>, it comes down to advantaging a supremely relevant sector without paying full price.



Of course, the broader healthcare ecosystem offers a compelling narrative for market participants. As the Covid-19 pandemic demonstrated, no matter how advanced we become as a society, a microscopic virus can impose devastation. In order to protect individuals and communities at large, enterprises need a way to address diseases: infectious, chronic, whatever the case may be.



Further, undervalued biotech stocks enjoy a massive canvas for value expansion. According to Grand View Research, the global biotech arena <a href="https://www.grandviewresearch.com/industry-analysis/biotechnology-market">could be worth $3.88 trillion by 2030</a>. If so, that would imply a compound annual growth rate (CAGR) of 13.96% from 2023.



Plus, let&rsquo;s consider the unfortunate rise of cancer and other serious diseases. It wouldn&rsquo;t be surprising in the least if the aforementioned projection was conservative. With that in mind, below are undervalued biotech stocks to consider.



<h2>Procaps (PROC)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/05/biotech_bigpharma1600-300x169.png" alt="Light blue pills on white background. Pharmaceutical industry, medical treatment, presciption drugs concept. Digital 3D render., biotech stocks, big pharma. EVAX stock"><div>Source: Hernan E. Schmidt / Shutterstock.com</div></div>Based in Luxembourg, Procaps (NASDAQ:<a href="https://investorplace.com/stock-quotes/proc-stock-quote/">PROC</a>) develops, produces and markets pharmaceutical solutions. It formulates and manufactures <a href="https://finance.yahoo.com/quote/PROC/profile/">branded prescription drugs</a> in multiple therapeutic areas, such as feminine care, pain relief, skin care and digestive health, among other needs. It should be noted that since the start of the year, PROC lost more than 41% of its equity value. Still, for those who want to speculate on undervalued biotech stocks, PROC could be a high-risk, high-reward idea. Right now, shares trade hands at 0.65X trailing-year sales. For the drug manufacturing sector, the median <a href="https://www.gurufocus.com/stock/PROC/summary?search=proc">value stands at 2.08X</a>. More importantly, the market has already demonstrated that it will accept a higher valuation for the business.



Over the last four quarters, PROC stock traded at an <a href="https://finance.yahoo.com/quote/PROC/key-statistics/">average sales multiple of around 0.94X</a>. Theoretically, then, the biotech room can potentially grow into its prior valuation. Over the longer term, that&rsquo;s what Wall Street experts are anticipating.



For fiscal 2024, sales could rise 3.5% to reach $424.15 million. In the following year, the top line could bump up to $460.35 million.



<h2>MiMedx (MDXG)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/02/medical-biotech-stocks1600-300x169.png" alt="Healthcare business graph data and growth, Medical examination and doctor analyzing medical report network connection on tablet screen. VANI stock"><div>Source: PopTika / Shutterstock.com</div></div>Headquartered in Marietta, Georgia, MiMedx (NASDAQ:<a href="https://investorplace.com/stock-quotes/mdxg-stock-quote/">MDXG</a>) develops and <a href="https://finance.yahoo.com/quote/MDXG/profile/">distributes placental tissue allografts</a> for various sectors of the healthcare ecosystem. Specifically, MiMedx processes human placental tissues through its proprietary process to produce allografts. This methodology carries the advantage of retaining the tissue&rsquo;s inherent biological properties and regulatory proteins.



MDXG stock is a speculative entity, losing about 12% of market value since the start of the year. Nevertheless, the red ink may be creating a discounted opportunity. Presently, MDXG trades at 3.21X trailing-year revenue. However, during the first quarter of this year, the multiple did pop up to 3.5X. On the surface, that might not seem like much of a discount.



Still, it&rsquo;s important to consider what experts are anticipating moving forward. For fiscal 2024, they&rsquo;re targeting revenue of $361.49 million. If so, that would represent a 12.4% lift from last year&rsquo;s print of $321.48 million. And fiscal 2025 could see the top line move up to $406.17 million, another 12.4% leap.



To be sure, MiMedx represents a higher-risk idea. Still, it qualifies as one of the undervalued biotech stocks to consider.



<h2>MEI Pharma (MEIP)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/10/biotechnology1600-300x169.png" alt="Biotechnology stocks, biomedical stocks"><div>Source: aslysun / Shutterstock.com</div></div>Operating out of San Diego, California, MEI Pharma (NASDAQ:<a href="https://investorplace.com/stock-quotes/meip-stock-quote/">MEIP</a>) is a small outfit, featuring only 46 full-time employees. It&rsquo;s a clinical-stage pharmaceutical firm, focusing on the development and commercialization of various therapies for the treatment of cancer. The company has developed a <a href="https://finance.yahoo.com/quote/MEIP/profile/">therapeutic called Zandelisib</a>, which addresses relapsed and refractory follicular lymphoma.



Another high-risk entity, MEIP stock dropped almost 52% of equity value since the start of the year. However, it also appears that the volatility has slowed down. In the trailing month, shares only slipped about 0.3%. Further, the sales multiple seems attractive at only 0.29X. In the past year (Q1 2023 to Q1 2024), the multiple averaged about 0.59X.



It&rsquo;s also worth pointing out that MEIP trades at a trailing-year earnings multiple of 0.74X. Moving forward to the end of the year, analysts anticipate earnings per share to reach $3.62. On the top line, sales may enjoy a 33.8% lift to $65.3 million. Assuming these projections hold true, MEIP could easily grow into its valuation on earnings and sales. Thus, it&rsquo;s one of the undervalued biotech stocks to consider.



<h2>Incyte (INCY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/09/incy-stock-1-300x169.jpg" alt="incy stock"><div>Source: Eyesonmilan / Shutterstock.com</div></div>Based in Wilmington, Delaware, Incyte (NASDAQ:<a href="https://investorplace.com/stock-quotes/incy-stock-quote/">INCY</a>) is a biopharmaceutical firm engaged in the discovery, development and commercialization of therapeutics for hematology and oncology. It also specializes in conditions revolving around inflammation and autoimmunity. It&rsquo;s a sizable player compared to the speculative plays among undervalued biotech stocks, with more than 2,500 full-time employees.



Financially, Incyte is a solid entity. During the trailing 12 months (TTM), Incyte posted net income of $745.44 million or earnings of $3.30 per share. Revenue reached $3.77 billion. Still, INCY stock trades at 3.64X trailing-year sales. Over the past year, this stat averaged 3.98X.



On the bottom line, the market prices INCY at 13.16X forward earnings. In the past year, the average multiple clocked in at 14.61X. But here&rsquo;s the kicker: analysts anticipate sizable expansion of the top and bottom lines.



Fiscal 2024 could see EPS at $4.30, up 22.16% over the prior year. Revenue could jump 10.6% to reach $4.09 billion. Therefore, it&rsquo;s one of the undervalued biotech stocks to put on your radar.



<h2>United Therapeutics (UTHR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/05/uthr_unitedtheraputics1600-300x169.png" alt="In this photo illustration United Therapeutics Corporation (UTHR) logo is seen on a mobile phone screen."><div>Source: viewimage / Shutterstock.com</div></div>Headquartered in Silver Spring, Maryland, United Therapeutics (NASDAQ:<a href="https://investorplace.com/stock-quotes/uthr-stock-quote/">UTHR</a>) engages in the development and commercialization of products to address unmet medical needs, particularly for patients suffering from chronic and life-threatening diseases. It offers multiple products, including <a href="https://finance.yahoo.com/quote/UTHR/profile/">Tyvaso DPI</a>, which is an inhaled dry powder for the treatment of pulmonary arterial hypertension (PAH).



Financially, United represents another solid idea among undervalued biotech stocks. Net income during the TTM period landed at $1.05 billion or $21.13 per share. Revenue in the cycle reached $2.5 billion. Currently, the market prices UTHR stock at 6.34X trailing-year sales, which admittedly is at a premium.



However, analysts believe that in fiscal 2024, sales could hit $2.74 billion, up 17.8% from the prior year&rsquo;s tally of $2.33 billion. Assuming a shares outstanding count of $44.37 million, UTHR would trade at a projected sales multiple of around 5.16X.



Now, the average multiple over the past year came in at 5.24X. So, ever so slightly, UTHR ranks among the undervalued biotech stocks. Plus, the benefit here is that you&rsquo;re dealing with a profitable and growing enterprise.



<h2>Harmony Biosciences (HRMY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/12/shutterstock_1726134715-300x169.png" alt="Biochemical/biotech research scientist team working with microscope"><div>Source: Mongkolchon Akesin / Shutterstock.com</div></div>Operating out of Plymouth Meeting, Pennsylvania, Harmony Biosciences (NASDAQ:<a href="https://investorplace.com/stock-quotes/hrmy-stock-quote/">HRMY</a>) is a commercial-stage pharmaceutical firm focusing on the development and commercialization of therapies for patients with rare and neurological diseases. Its <a href="https://finance.yahoo.com/quote/HRMY/profile/">main product is WAKIX</a>, a molecule with a novel mechanism for the treatment of excessive daytime sleepiness in adults with narcolepsy.



For a relatively small enterprise, Harmony offers robust financials. During the TTM period, the company posted net income of $137.7 million or earnings of $2.32 per share. On the top line, sales in the period reached $617.51 million. In the most recent quarter, HRMY&rsquo;s quarterly sales growth rate (year-over-year0 landed at 29.8%.



Right now, HRMY stock trades at 2.91X trailing-year sales. In the past one-year period, the average multiple stood at 4.05X. Even better, covering experts see Harmony&rsquo;s revenue rising by 22% to $710.15 million. Further, the high-side target runs up to $718.4 million.



For fiscal 2025, the consensus view calls for $836.82 million, up 17.8%. As a bonus, EPS in fiscal 2025 may also soar nearly 75% to $3.90. It&rsquo;s one of the undervalued biotech stocks to consider.



<h2>ScyNexis (SCYX)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/10/droplet-test-tube-biotech-1600-3-300x169.jpg" alt="Photo of test tubes and droplet with purple and reddish-orange sunset visual effect, representing biotech"><div>Source: shutterstock.com/Romix Image</div></div>Based in Jersey City, New Jersey, ScyNexis (NASDAQ:<a href="https://investorplace.com/stock-quotes/scyx-stock-quote/">SCYX</a>) falls under the drug manufacturing ecosystem. <a href="https://finance.yahoo.com/quote/SCYX/profile/">Per its public profile</a>, ScyNexis develops medicines to overcome and prevent difficult-to-treat and drug-resistant infections. One of its main products is Brexafemme for the treatment of patients with certain feminine conditions. It also offers other treatments for important but sensitive conditions.



SCYX stock is a difficult entity to bet on. Since the start of the year, it lost about 10% of market value. Over the past 52 weeks, it&rsquo;s down about 34%. At the same time, it also offers some financial substance. During the TTM period, the company posted net income of $101.33 million or $2.11 per share. Revenue landed at $140.38 million. Its latest quarterly sales growth rate clocked in at 21.5%.



That said, analysts anticipate an 82% erosion in the top line for fiscal 2024 to $25.1 million. Last year, the company generated sales of $140.14 million. Obviously, that&rsquo;s not a great look, leading to a trailing-year sales multiple of 0.69X. In the past year, this stat averaged 10.41X.



However, in fiscal 2025, a gradual recovery trek may materialize, resulting in sales of $44.07 million. Further, the high-side target calls for $116.25 million, making SCYX potentially one of the undervalued biotech stocks.



On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/07/7-undervalued-biotech-stocks-to-buy-for-big-time-returns/">7 Undervalued Biotech Stocks to Buy for Big-Time Returns</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

7 Undervalued Biotech Stocks to Buy for Big-Time Returns

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MEI Pharma (MEIP) Forecast

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