MEI Pharma (NASDAQ:MEIP) Earns Buy Rating from Analysts at StockNews.com

Stock analysts at StockNews.com initiated coverage on shares of MEI Pharma (NASDAQ:MEIP) in a research note issued on Wednesday. The firm set a “buy” rating on the stock.

MEI Pharma Price Performance

Shares of NASDAQ:MEIP opened at $2.04 on Wednesday. MEI Pharma has a 1 year low of $1.73 and a 1 year high of $4.10. The business’s 50 day moving average price is $2.35 and its 200-day moving average price is $2.62. The firm has a market capitalization of $13.59 million, a price-to-earnings ratio of -0.36 and a beta of 0.75.

MEI Pharma (NASDAQ:MEIP) last issued its quarterly earnings results on Wednesday, February 12th. The company reported ($0.48) earnings per share (EPS) for the quarter. On average, sell-side analysts expect that MEI Pharma will post -5.1 earnings per share for the current year.

Hedge Funds Weigh In On MEI Pharma

Several hedge funds and other institutional investors have recently modified their holdings of the business. World Investment Advisors LLC acquired a new stake in MEI Pharma in the 3rd quarter valued at about $71,000. Virtu Financial LLC purchased a new stake in shares of MEI Pharma in the fourth quarter valued at approximately $26,000. Northern Trust Corp increased its holdings in shares of MEI Pharma by 54.5% in the fourth quarter. Northern Trust Corp now owns 35,596 shares of the company’s stock valued at $88,000 after purchasing an additional 12,561 shares during the last quarter. Finally, Toronto Dominion Bank purchased a new position in MEI Pharma during the fourth quarter worth approximately $62,000. 52.38% of the stock is owned by hedge funds and other institutional investors.

About MEI Pharma

MEI Pharma, Inc, a clinical-stage pharmaceutical company, focuses on the development and commercialization of various therapies for the treatment of cancer. The company develops Zandelisib, an oral phosphatidylinositol 3-kinase delta inhibitor for the treatment of patients with relapsed/refractory follicular lymphoma; and Voruciclib, an oral cyclin-dependent kinase 9 inhibitor, which is in Phase I clinical trial for acute myeloid leukemia and B-cell malignancies.