MEI Pharma (NASDAQ:MEIP) Share Price Passes Below 200 Day Moving Average – Here’s What Happened

Shares of MEI Pharma, Inc. (NASDAQ:MEIP) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $3.07 and traded as low as $2.70. MEI Pharma shares last traded at $2.74, with a volume of 13,000 shares traded.

Analyst Upgrades and Downgrades

MEIP has been the subject of several recent research reports. StockNews.com started coverage on shares of MEI Pharma in a report on Tuesday. They set a “buy” rating for the company. Brookline Capital Management lowered MEI Pharma from a “strong-buy” rating to a “hold” rating in a report on Monday, July 22nd. Finally, Laidlaw downgraded MEI Pharma from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $7.00.

MEI Pharma Stock Performance

The company has a market cap of $18.26 million, a P/E ratio of 0.70 and a beta of 0.85. The business’s 50-day moving average price is $2.98 and its 200 day moving average price is $3.07.

MEI Pharma (NASDAQ:MEIP) last posted its quarterly earnings results on Thursday, September 19th. The company reported ($1.13) EPS for the quarter, topping analysts’ consensus estimates of ($1.48) by $0.35. Equities research analysts forecast that MEI Pharma, Inc. will post -5.1 earnings per share for the current year.

Institutional Investors Weigh In On MEI Pharma

A hedge fund recently raised its stake in MEI Pharma stock. National Bank of Canada FI raised its stake in MEI Pharma, Inc. (NASDAQ:MEIP) by 43.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,000 shares of the company’s stock after purchasing an additional 10,000 shares during the period. National Bank of Canada FI owned 0.50% of MEI Pharma worth $94,000 at the end of the most recent quarter. 52.38% of the stock is owned by institutional investors.

MEI Pharma Company Profile

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.