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

StockNews.com assumed coverage on shares of MEI Pharma (NASDAQ:MEIP) in a report issued on Wednesday. The brokerage set a “buy” rating on the stock.

MEI Pharma Price Performance

MEIP opened at $2.36 on Wednesday. MEI Pharma has a fifty-two week low of $2.30 and a fifty-two week high of $6.39. The company’s 50-day moving average is $2.82 and its 200 day moving average is $2.96. The firm has a market capitalization of $15.72 million, a PE ratio of -0.34 and a beta of 0.79.

MEI Pharma (NASDAQ:MEIP) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.20) EPS for the quarter. As a group, analysts expect that MEI Pharma will post -5.1 EPS for the current year.

Institutional Investors Weigh In On MEI Pharma

Hedge funds have recently bought and sold shares of the stock. World Investment Advisors LLC purchased a new stake in shares of MEI Pharma during the third quarter worth about $71,000. Corsair Capital Management L.P. bought a new position in MEI Pharma during the 3rd quarter valued at approximately $69,000. Finally, National Bank of Canada FI raised its position in shares of MEI Pharma by 43.5% in the 2nd quarter. National Bank of Canada FI now owns 33,000 shares of the company’s stock worth $94,000 after purchasing an additional 10,000 shares during the last quarter. 52.38% of the stock is currently 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.