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 Friday. The firm set a “buy” rating on the stock.

MEI Pharma Price Performance

MEI Pharma stock opened at $2.43 on Friday. MEI Pharma has a fifty-two week low of $2.30 and a fifty-two week high of $4.24. The firm has a fifty day moving average price of $2.68 and a two-hundred day moving average price of $2.81. The firm has a market cap of $16.19 million, a price-to-earnings ratio of -0.42 and a beta of 0.79.

MEI Pharma (NASDAQ:MEIP) last posted its quarterly earnings data on Wednesday, February 12th. The company reported ($0.48) earnings per share for the quarter. As a group, sell-side analysts expect that MEI Pharma will post -5.1 earnings per share for the current year.

Institutional Investors Weigh In On MEI Pharma

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Corsair Capital Management L.P. acquired a new stake in MEI Pharma during the third quarter worth about $69,000. World Investment Advisors LLC bought a new stake in shares of MEI Pharma in the 3rd quarter worth approximately $71,000. Virtu Financial LLC acquired a new stake in shares of MEI Pharma during the 4th quarter worth approximately $26,000. Northern Trust Corp increased its position in shares of MEI Pharma by 54.5% during 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 period. Finally, Toronto Dominion Bank bought a new stake in shares of MEI Pharma during the fourth quarter valued at approximately $62,000. Institutional investors and hedge funds own 52.38% of the company’s stock.

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.