StockNews.com Begins Coverage on MEI Pharma (NASDAQ:MEIP)

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

Several other research firms also recently weighed in on MEIP. Brookline Capital Management downgraded shares of MEI Pharma from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 22nd. Laidlaw cut shares of MEI Pharma from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $7.00.

MEI Pharma Stock Performance

Shares of NASDAQ:MEIP opened at $3.10 on Wednesday. The stock has a market capitalization of $20.65 million, a price-to-earnings ratio of 1.16 and a beta of 0.85. MEI Pharma has a 1-year low of $2.61 and a 1-year high of $7.87. The company has a 50 day moving average price of $2.93 and a 200 day moving average price of $3.03.

MEI Pharma (NASDAQ:MEIP) last issued its earnings results on Thursday, September 19th. The company reported ($1.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.48) by $0.35. On average, sell-side analysts expect that MEI Pharma will post -5.1 EPS for the current fiscal year.

Institutional Trading of MEI Pharma

An institutional investor recently raised its position in MEI Pharma stock. National Bank of Canada FI boosted its stake in MEI Pharma, Inc. (NASDAQ:MEIP) by 43.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,000 shares of the company’s stock after buying an additional 10,000 shares during the quarter. National Bank of Canada FI owned approximately 0.50% of MEI Pharma worth $94,000 at the end of the most recent quarter. 52.38% of the stock is currently 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.