MEI Pharma (NASDAQ:MEIP) Stock Crosses Below Two Hundred Day Moving Average – Should You Sell?

MEI Pharma, Inc. (NASDAQ:MEIP) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $3.03 and traded as low as $2.94. MEI Pharma shares last traded at $3.17, with a volume of 105,779 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MEIP shares. 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 lowered MEI Pharma from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, StockNews.com initiated coverage on shares of MEI Pharma in a report on Wednesday. They issued a “buy” rating on the stock. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, MEI Pharma currently has an average rating of “Hold” and an average price target of $7.00.

MEI Pharma Price Performance

The stock has a market capitalization of $21.11 million, a P/E ratio of 1.19 and a beta of 0.85. The company has a 50 day simple moving average of $2.94 and a 200-day simple moving average of $3.03.

MEI Pharma (NASDAQ:MEIP) last released its quarterly earnings data on Thursday, September 19th. The company reported ($1.13) EPS for the quarter, beating the consensus estimate of ($1.48) by $0.35. As a group, equities analysts forecast that MEI Pharma, Inc. will post -5.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MEI Pharma

A hedge fund recently raised its stake in MEI Pharma stock. National Bank of Canada FI lifted its position in MEI Pharma, Inc. (NASDAQ:MEIP) by 43.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and 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 institutional investors and hedge funds.

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.